This article is from the Australian Property Journal archive
TELSTRA has offloaded a residential development site in Melbourne’s eastern suburb of Burwood for $1.32 million.
A local developer with plans for a multi-unit project purchased the 672sqm site at 184 Burwood Highway, which has a frontage of 14.96 metres and is within a Residential Growth Zone, and directly opposite Presbyterian Ladies College (PLC).
Agents Gray Johnson sold the property, which is currently utilised as the car park of the adjoining Telstra facility.
Gray Johnson director Matt Hoath said the property was offered with concept development plans prepared by V-Arc Architects envisaging either a traditional apartment development or student studio apartments for the site, however it is understood a multi-unit apartment development is planned by the buyer for the site.
“I was anticipating offers at auction would be of the order of $1.1 million, given its location and proximity to the nearby Deakin University – Burwood campus with PLC opposite,” Hoath said. “All development proposals will be subject to the relevant permit approvals,”
Australian Property Journal
