Teska Carson, in conjunction with Kay & Burton, is marketing a prime Armadale development site for sale with a permit for a luxury residential development at Armadale in Melbourne’s popular inner-east. Teska Carson Luke Bisset and Michael Ludski with Kay & Burton Ross Savas are handling the sale. 

The 872-874 High Street property comprises two single level residential buildings on separate, Residential Growth Zone, titles at 872 High Street (402.9sqm) and 874 High Street (724.2sqm) for a combined 1126 square metres with 21.3 metres frontage and secondary access via a laneway off Denbigh Road.

The properties are currently being utilised as a cosmetic surgery day clinic and are joined together internally comprising a waiting room/reception area, multiple consulting and surgery rooms, offices, kitchen/staff room, amenities and access to a parking area at the rear with space for at least 14 cars.

Key objectives of the Residential Growth Zone include the provision of housing at increased densities in buildings up to and including four storeys and to allow educational, recreational, religious, community and a limited range of other non-residential uses to serve local community needs.

The property is being sold with a planning permit for a Ewert Leaf designed, four level luxury residential project, comprising 14 residences including eight x three bedroom apartments and six x two bedroom apartments.

According to marketing agents, Teska Carson’s Luke Bisset and Michael Ludski with Kay & Burton Ross Savas, the property presents as a timely opportunity to acquire a permitted development site within one of inner suburban Melbourne’s most enduring and successful residential and commercial precincts.

“Armadale is a very popular and commercially successful suburb and one of Melbourne’s most sought after inner-suburban residential areas with its close proximity to the CBD and access to every essential and desirable amenity.

“The suburb’s retail and commercial precinct, with its eclectic mix of cafes, restaurants, fashion houses, and antique stores, has long been regarded as one of Melbourne’s best and tenant and investor demand bears that out.

“As such it offers strong property investment fundamentals that are well recognized within the investment and development communities and that is reflected in both the tight market and the enormous amount of local development activity in recent times,’’ Mr Bisset said.

Mr Savas said the property offered a fantastic opportunity for developers to take advantage of a permit ready site in an upmarket and popular suburb which has proven very attractive to downsizers and investors.  

“The property has enormous potential with regard to the proposed residential project, taking advantage of the very strong demand for boutique apartment living in this highly sought after residential address,’’ Mr Savas said.

Mr Savas said, “local residents benefitted from easy access to public transport and a plethora of national and local retailers, Cabrini Hospital, Malvern Central and some of Melbourne’s best schools.”

Ross Savas said the property’s key attributes included:

• Significant site in a blue-chip location;
•  A planning permit for a luxury residential development;
• Excellent frontage and site access via a laneway at the rear;
• Substantial on-site parking area;
• Close proximity to all essential amenities;
• Close proximity to Melbourne CBD; and
•  Vacant possession.

The property will be sold by Expressions of Interest closing Wednesday, July 14 at 3pm.

To request a copy of the Information Memorandum please contact one of the marketing agents via the contact form below.