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Bayside site has permit for 43 apartments

Property Markets / Transactions

Australia / Melbourne

Oct 29 2018

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Teska Carson (9421 7000) is marketing an outstanding development site with an approved permit for an apartment development at Moorabbin on Melbourne’s south-eastern bayside. The property will be sold by Expressions of Interest closing Wednesday, November 21 at 3pm.
 
Located at 1033-1035 Nepean Highway, the 2642 square metre General Residential 2 zoned site has excellent accessibility via the 49 metre frontage, and is set back from the Nepean Highway with convenient access via a service road.
 
The property is about 500 metres from a strip retail centre, within close proximity of some highly regarded schools, Sandringham Beach, Westfield Southland (2.5km) and Moorabbin DFO, and within easy commuting distance of Melbourne CBD via Nepean Highway and Moorabbin train station. 
 
According to marketing agent, Teska Carson Director George Takis, the property, which will be offered with vacant possession, will be sold with recently approved plans for a three level, 43 apartment development including 49 car spaces.
 
``This is a large and very well located site with great access and a wide frontage facilitating the proposed development. 
 
``It is also in close proximity to all essential amenities as well as schools, arterial roads, and the beach,’’ Mr Takis said.
 
He said the proposed apartment development would follow the successful completion of  numerous projects in the area driven by a high level of demand for bayside living.
 
``This is the type of development which has really hit a chord with the Melbourne population and that’s why well located sites like this with a ready-to-go permit in place have been so well received by the development community,’’ Mr Takis said.
 
He said the location was the key to the value of the site and the ultimate success of the development.
 
``Location is almost invariably the key to a property’s success in terms of the potential to add value and this property is an excellent example with its close proximity to all the essential amenity which underpins successful residential developments,’’ Mr Takis said. 
 
Moorabbin is a well-established suburb within the City of Kingston, just under 15 kilometres from Melbourne’s CBD, and located in a bayside area which includes Hampton, Sandringham, Brighton and Bentleigh, all of which have seen a surge in population in recent years.
 
Kingston’s population has increased to more than 160,000 residents with forecasts estimating an increase of more than 15 per cent to 186,000 by 2036.
 
Mr Takis said the property’s key attributes included:
Large accessible site;
Permit for 43 apartments;  
Wide street frontage;
Close proximity to all amenities; and,
Vacant possession. 

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