Two retail properties in bayside Melbourne – one with a DA for a 9-level mixed use development - offer buyers the chance to secure a substantial development site or investment opportunity, according to Savills.

9-21 Station Road, the first site on offer, is a significant 1,371 square metre corner landholding with 38 metres of prominent frontage onto bustling Station Road. 

The property comprises five individually titled retail shops, providing a total holding income of $69,660, with three of the five shops being sold with vacant possession, offering further rental potential. 

9-21 Station Road is enhanced by an approved permit for a stunning 9-level mixed use project with 65 apartments, four retail units, and two large office suites. 

At a glance:

• Two prime retail sites in the exclusive suburb of Cheltenham in Melbourne are now for sale through Savills
• 9-21 Station Road covers a 1,371 square metre corner landholding comprising five shops providing a total holding income of $69.660
• The second site, 23 and 23A Station Road comprise two retail units, one of which is tenanted and one offered with vacant possession

The second site, 23 & 23A Station Road, features two retail units, both of which have valuable frontage onto Station Road and benefit from rear laneway access.

One shop is tenanted by longstanding catering business ‘The Nutmeg Tree’ with the second offered with vacant possession.

23 & 23 A Station Road and 9-21 Station Road can be purchased individually or together. 

Savills agents Julian Heatherich, Benson Zhou, and Mark Stafford have been appointed to sell both landholdings on behalf of Korda Mentha via Expressions of Interest closing Wednesday, 20 November. 

“Both sites are located in an Activity Centre Zone 1 and are surrounded by a vast array of lifestyle amenity, including Melbourne’s best beaches and most elite schools, Cheltenham Park, Skipton Reserve, Royal Melbourne Golf Club, and more,” said Mr Heatherich. 

“To offer six prime retail shops is a rare opportunity for the Cheltenham activities precinct. We are already seeing significant interest from both investors and developers, particularly those that have been watching the area for some time. 

 “This is a fantastic opportunity that will provide the purchaser with the ability to secure substantial landholdings with the choice to develop one of the buildings or to keep the properties as is and collect income.” 

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