Melbourne

Development site on the door step of Westfield Southland listed for sale

A high profile Cheltenham property neighbouring Westfield Southland has been listed for sale and is anticipated to fetch over $8 million.

18 Apr 2018

A high profile Cheltenham property neighbouring Westfield Southland has been listed for sale and is anticipated to fetch over $8 million. 

CBRE Victorian Development Sites team comprising Scott Orchard, David Minty and Chao Zhang have been exclusively appointed to market the 1,600sqm landholding at 1261 – 1263 Nepean Highway by Mark Economos of Econ Property Group. 

The property, which was built in 1886 as a Protestant hall, is currently leased to Fernwood Women’s Gym and has planning approval for an eight-storey mixed use project. Known as ‘Bayside Rise’, the project will comprise 88 architecturally designed apartments that will offer sweeping views from its elevated position.  

Mr Orchard said there is scope to build higher than eight storeys – with pre-approval for a potential four additional levels (STCA) - and the listing presented an exciting opportunity to acquire a site in a highly successful apartment market. 

“Buyers are being offered the chance to secure a permitted project with a product mix tailored towards owner-occupiers and right on the doorstep of a super-regional shopping centre. Southland is one of Melbourne’s largest super regional shopping centres comprising of over 400 stores including anchor tenants David Jones, Myer, Apple and Woolworths. The future purchaser will join the likes of Steller, Goldfields and Ausco, which all have projects nearby and have been successful,” Mr Orchard said. 

Mr Minty added: “The site is centrally located within the Southland activity precinct, which is fast becoming its own satellite city with a number of high rise apartment projects emerging and paving the way for more affordable living in the area - particularly as the median house price continues to grow past $1 million.”  

The property is surrounded by an abundance of quality amenity including parklands, golf clubs and education facilities. It is conveniently located near Cheltenham railway station and the new Southland railway station. 

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CBRE Group, Inc. (NYSE:CBRE), 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 2017 revenue). The company has more than 80,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 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.

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About CBRE Group, Inc.
CBRE Group, Inc. (NYSE: CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2021 revenue). The company has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of 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 https://www.cbre.com.