A local investor/developer has purchased a high-profile mixed-use site for $3,910,000, before expressions of interest closed, in Melbourne’s Bayswater at 705 Mountain Highway.

The asset, that came with a 566 square metre building area and 1,398 square metre land area, offered street frontages of approximately 36 and 48 metres on a corner block.

At a glance:

• Bayswater mixed-use development site sells for $3.91 million
• The asset comprises 566 square metre building area and 1,398 square metre land area
• The sale price translates to land price of $2796 per square metre

The property was marketed and sold by Ray White Commercial Ferntree Gully Sales and Leasing Executive Mitch Rosam and Director Paul Waterhouse.

Mr Rosam said the asset sold unconditionally the day before expressions of interest were due to close.

“With views to the Dandenong Ranges, this property represented an excellent opportunity for a retail and apartment development, subject to council approval,” he said.

“It has the development potential of seven storeys with the retail currently on site returning the owner $185,000 per annum plus GST and outgoings.

“The adjacent property at 711-717 Mountain Highway sold two years ago for $2,720,000 and is only 150 square metres smaller, so this deal represented excellent value for the vendor.”

Mr Waterhouse said the offer made was too good to be passed up and was achieved on a short 27-day settlement.

“The buyer loved the high rate of passing traffic, coupled with the prominent location, and the high level of exposure offered to Mountain Highway and Valentine Street,” Waterhouse said.

“The asset offered three-phase power, significant retail, storage and office areas, as well as 11 dedicated parking spaces.

“Eastlink can be accessed in under ten minutes and Bayswater Train Station is within walking distance from the site.”

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