A prime Mixed Use Zone development site spanning across 1.49 hectares* in Ashwood, Victoria is set to hit the market next month with price expectations of circa $45 million, as demand for mixed use developments continues to rise.

The permit approved development site encompasses a total GFA of over 87,000 sqm, with zoning allowing for flexibility to deliver the permit or consider an alternate proposal such as build to rent.

The Peddle Thorp designed permit encompasses five different towers comprising residential apartments and townhouses, offices, serviced apartments, and retail premises, reaching heights of up to 10 levels.

The property benefits from direct access to the Holmesglen Train Station through a convenient bridge and stands directly opposite Holmesglen TAFE, one of the largest government-owned TAFEs in Victoria, with over 11,000 enrolments.

The existing buildings consist of three commercial buildings with office and warehouse spaces with a total building area of 7,937sqm* along with 150 car parking spaces. Currently leased to four tenants, with ideal lease expiries for development by February 2024, the total passing income is approximately $420,734.16 p.a.

Additionally, the site offers proximity to several esteemed educational institutions, including Monash University (9km* or a 9-minute drive) and Deakin University (4km* or a 6-minute drive). It is also opposite Malvern Valley Public Golf Course, creating exception view potential, and adjoins Gardiners Creek trail, providing a bike path directly to the Melbourne CBD.

615 Warrigal Road, Ashwood is for sale through Julian White, Chao Zhang and Andrew Milligan of Stonebridge Property Group and Leon Ma, Marcus Neill, Oliver Hay, and Daniel Wolman of Cushman & Wakefield.

Julian White, National Partner at Stonebridge stated “The scale of the site at approximately 1.5 ha*, plus the added benefit of a significant planning outcome, make this a highly rare offering in the market. The permit approval will give confidence to buyers on the scale of development and the zone provides the ultimate flexibility for variations of use to suit each individual developers use and mandate. We expect the proximity adjoining a train station will be seen highly favourably by developers”

Leon Ma, Cushman & Wakefield’s Director, Head of Asia Capital Services said “Ashwood is a culturally diverse, south-eastern local government area with a population of over 200,000 people and 90.60% of the housing is occupied private dwellings, with almost 69% being separate houses, and 31% being apartments, semi-attached or townhouses (almost 40% being 3-bedrooms and 30% being 4-bedrooms). The demand for mixed-use developments is soaring as residents and investors alike recognise the unparalleled benefits of a vibrant, integrated community. With its strategic location, diverse zoning, and proximity to major educational institutions, retail hubs, and recreational facilities, this site presents an exceptional canvas for creating modern, sustainable, and thriving mixed-use spaces that cater to the evolving needs of the community” he said.

615 Warrigal Road, Ashwood for sale via International Expressions of Interest, closing Thursday 14th September 2023 at 12pm AEST.

*Approximate