Melbourne, 10 December 2013 – A private Melbourne buyer has acquired a prominent development site in the city’s south-east for $5.425 million.
The 1,900sqm site located at 4-6 Station Street in Moorabbin was sold with permit approval for a significant mixed-use development comprising an eight-level residential and retail complex.
CBRE’s Mark Wizel and Jamus Campbell, in conjunction with Gross Waddell’s Michael Gross and Jonathon McCormack, negotiated the sale on behalf of Kae One Property via an Expressions of Interest campaign.
Mr Campbell said the property’s development potential was a key driver underpinning the sale.
“With the benefit of a current planning permit in place, this site represented an exciting opportunity for the buyer to acquire a prominent property with potential for a significant residential and retail outcome in an area that is earmarked for a huge overhaul,” Mr Campbell said.
"The Station St precinct is set to have a complete makeover, with Kingston council to work in conjunction with local developers to make this street in particular the new epicentre of the area.”
The planning permit exists for a mixed-use project designed by renowned architects Roth Lowman comprising a premium retail village, 128 quality apartments, a substantial ground floor retail/commercial component and 100 car spaces.
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