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Collingwood site has 21 apartment permit

Property Markets / Planning, Zoning, Infrastructure


Feb 02 2018

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Teska Carson (9421 7000) is marketing a Melbourne CBD fringe development site with a permit for a mixed use development, located at Collingwood, arguably one of Melbourne’s most sought after inner-city suburbs. The property is for sale by Mortgagee Auction on Wednesday, March 7 at 2pm on site. 

Located at 1-3 Otter Street, the 720 square metre, Commercial 1 zoned site has extensive frontages to Otter Street of 18 metres, Bedford Street of 40 metres and another 40 metres to a ROW at the rear. 

The property will be sold with a planning permit for a seven level (ground + six upper floors) Hassell Architects designed, mixed-use development, with a net saleable area of 3011 square metres comprising up to 21 apartments and two retail tenancies, with 37 car parks.

According to marketing agents, Teska Carson’s Tom Maule, Adrian Boutsakis and Matthew Feld, the property offers a developer exceptional potential on Melbourne’s CBD doorstep.

``This is a rare acquisition opportunity providing the successful purchaser with the option to immediately begin the process of delivering a quality residential and retail project in what is widely regarded as the city’s most sought after location.

``There is no doubt that demand for the finished product in Australia’s fastest growing capital city remains at a level that provides developers with the greatest degree of confidence,’’ Mr Maule said.

Mr Boutsakis said Collingwood had become one of inner Melbourne’s most sought after suburbs for mixed use, medium-density developments based on its close proximity to the CBD and every essential amenity, and driven by increasing population growth and the need for housing. 

``Melbourne’s population growth continues to provide opportunities for developers and none better than those in popular inner-city locales backed by sympathetic local planning authorities and the existence of essential amenities,’’ Mr Boutsakis said.

He said the two street frontages and Right of Way provided maximum site access and the flexibility to get the approved development up and running very quickly.

``We expect a strong response from developers for what is a prime city fringe development opportunity located within the centre of a rapidly growing and very popular part of Melbourne CBD’s northern fringe.’’

He said the property’s key attributes included:

•Prime inner-city location;

•Large 720 square metre site;

•Three street access;

•Close proximity to all forms of public transport and Melbourne’s main arterial routes;

•Close proximity (1.5kms) to the Melbourne CBD;

•Quick access to several of Melbourne’s best entertainment precincts; and, 

•Easy access to Melbourne’s best educational and health facilities.

The property will be sold with vacant possession.




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