Located on the Maroondah Highway, 30km east of the Melbourne CBD, Eastridge is earmarked for a major medium and high density mixed use project, comprising a 13,400sqm large format retail complex anchored by a 15-year lease to Dan Murphy’s.
CBRE’s Julian White said the property represented an outstanding opportunity to undertake a flagship project.
“Development of the site is perfectly timed to cater for strong demand for master planned product in established areas that have vast retail amenity, employment drivers, educational institutions and other infrastructure,” Mr White said.
“The site benefits from significant frontage to Maroondah Highway, perfectly suiting commercial and retail development, while the rear provides spectacular views of the nearby Yarra Valley and is ideally suited for a major residential townhouse development.”
Mr White said Eastridge benefitted from close proximity to public transport options, established retail centres and expansive parks and recreation spaces.
“Fully serviced and with all the environmental plus advanced architectural conceptual work done, developers can capitalise quickly given the scale of the offering,” he added.
Mr Wizel said the property would tap strong development demand for mixed use sites.
“Throughout 2017 we have witnessed unprecedented demand for mixed use sites, taking advantage of the strong retail investment climate and developers’ desire to diversify their end product,” Mr Wizel said.
The site is surrounded by leading retail amenity including Chirnside Park Shopping Centre, anchored by major retailers including Kmart, Target, Woolworths and Coles, with entertainment including Reading Cinemas.
The site is being offered for sale via International Expressions of Interest closing in October, with expected interest levels in excess of $110 million.
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CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2016 revenue). The company has more than 75,000 employees (excluding affiliates), and serves real estate investors and occupiers through more than 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.