This article is from the Australian Property Journal archive
A Wantirna South corner landholding opposite Westfield Knox in Melbourne’s eastern suburbs has been offered to the market with approval for eight level building with 85 apartments and 31 serviced apartments.
JLL’s MingXuan Li and Steve Kelly are marketing the 500 Burwood Hwy property with vacant possession via an expressions of interest campaign running until 13th August.
Also within the approved mixed use project is ground floor retail and office space. Located on the corner of Tyner Rd, the site has residential growth 1 zoning and is also adjacent to a Stockland retirement village, St Andrew’s Christian College and Knox City Council Civic Centre.
Formerly home to 300 seat all you can eat restaurant Food Star, the property reportedly sold as part of a bigger 5,568 sqm site in 2017 for over $11 million. The vendors were the restaurant operators.
“Wantirna South is a unique and thriving residential location that appeals to families and first home buyers alike,” Li said.
There has been a medium house price growth of around 14.1% from June 2019 to July 2020 in the suburb, as well as a 17.1% unit increase.
Westfield Knox serves as the region’s major hub and has estimated trade area spend of $7.1 billion. Owners Scentre Group had tabled plans for a $450 million redevelopment in 2014, but scaled down plans were lodged at the end of last year that included an upgraded fashion offering, and fresh food and dining precincts.
Chinese-backed developer Nan Xin’s spent nearly $100 million acquiring the 14.9 hectare Jenkins orchard site in the suburb two years ago.
