Melbourne, 6 May 2014 – A significant landholding with high density development potential in the Melbourne suburb of Reservoir is being offered to the market by Expressions of Interest.
The 10,470sqm site located at 830 Plenty Road is being sold with planning approval for a medium and high density development consisting of 210 residential dwellings as well as commercial space. The property also boasts a strong holding income.
CBRE’s Paul Tzamalis and Scott Orchard are selling the property on behalf of an undisclosed vendor. CBRE sold the neighbouring Summerhill Shopping Centre at 850 Plenty Road in 2012.
Mr Tzamalis said the property represented a rare opportunity to acquire a sizeable amount of developable land with a planning permit that can be delivered over three stages.
“The offering of 830 Plenty Road comes at a time when demand for good quality suburban land is at a high,” Mr Tzamalis said.
“This elevated parcel of land also benefits from views of the Melbourne CBD, which will be a major boon for developers looking to undertake a residential project on the site.”
The property is located adjacent to the Summerhill Shopping Centre, which is currently undergoing redevelopment and will be home to several major retailers such as Coles, Kmart and ALDI.
Mr Orchard said the site also benefited from direct access and close proximity to one of Melbourne’s major education institutions, La Trobe University.
Expressions of Interest close May 29 at 3.00pm.
For Australian/international news or global stories, follow us on Twitter.About CBRE Group, Inc.
