Development Sale

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Teska Carson is marketing a superbly located retail strip investment with outstanding development prospects at Ashwood in Melbourne’s eastern suburbs.

Located at 481-483 Warrigal Road, on the corner of Douglas Street, within the heart of the Ashwood shopping strip, the property comprises two single level commercial properties in good condition with a total building area of circa 250 square metres.

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The 408 square metre, Commercial 1 zoned property has two titles and two street frontages totalling over 40 metres as well as laneway access from the rear and on-site parking.

The Commercial 1 zoning allows for office, business, entertainment, community and residential uses as well as retail. A scheme for a mixed-use development for two retail shops on the ground floor and seven apartments over two levels has been designed by Damian Orlando Design.

[smartcode_project:default project_id=27070]

According to marketing agents, Teska Carson’s George Takis and Larry Takis, the property will be sold subject to two leases at a combined annual rental of $55,377.

George Takis said the well maintained property offered a prime investment opportunity with development upside and short term lease income, as well as owner-occupier potential, in one of Melbourne’s most tightly held village strips.

Larry Takis said the first rate public transport amenities with Ashburton, Homesglen, Alamein &amp; Jordanville train stations in close proximity added further to the property’s growth prospects.

The property will be auctioned on Friday, May 7 at 12pm on site.
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A scheme for a mixed-use development for two retail shops on the ground floor and seven apartments over two levels has been designed by Damian Orlando Design

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Ashwood retail strip with development upside listed

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A potential mixed use development site (subject to council approval) on a prominent Parramatta Road corner at Ashfield in Sydney's inner western suburbs is up for sale for the first time in 30 years.
The combined sites, at 502-596 Parramatta Road (above) and 164 Frederick Street, are being marketed by Ray White Commercial Inner West's Kristian Morris and Tim Morrison.
Price expectations were not disclosed.
The corner block was a former timber yard and spans nearly 1,445 square metre. 
“The land offers high exposure to approximately 100,000 vehicles daily and is less than 15 minutes from the Sydney CBD," said Morris.
The site has three street frontages and rear lane access.
“The site is zoned Flexible B6 Enterprise Corridor which allows a 15 metre building height limit and a maximum floor space ratio (FSR) of 1:5:1,” added Morrison.
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Corner site for sale in Sydney's Ashfield

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Caulfield Grammar is understood to have outbid residential developers to secure an East Malvern’s redevelopment site.
The school reportedly paid $12.6 million for the 2230 square metre site opposite Central Park.
Its two vendors secured a windfall $5650 a square metre.
The two houses at 385-387 Wattletree Road, next to the historic Commonwealth Bank building, were put to market in a joint offering late last year.
They are around the corner from Caulfield Grammar’s junior school, the heritage-listed Valentine’s mansion on Willoby Avenue.
Colliers International negotiated the deal claiming the price reflected more than a 100 per cent uplift in the values they would have achieved compared with selling individually.
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Caulfield Grammar set to expand junior school after East Malvern purchase 

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Two beachside properties on Sydney's Collaroy Beach are being offered to the market for the first time with price expectations over $10 million.  
The properties, 1 Alexander Street and 4 Collaroy Street are on the market as a consolidated 2,570sqm development site.
Number 1 Alexander Street is a three level apartment block featuring five residential units, a storage unit and three retail stores.
The 4 Collaroy Street property si the site of the Sydney Beachouse YHA which contains 65 rooms and a swimming pool. It has dual street access to both Collaroy and Alexander streets. The combined gross income of the two properties totals $610,200 per annum.
CBRE’s Aaron Arias, Toby Silk and Nicholas Heaton have the sale.
Toby Silk said Collaroy has become a highly sought after market, with house prices more than doubling since 2010.
"Given these properties have never been offered before and the size of the holding, we expect significant interest from developers who are seeking to establish a landmark, mixed use development in the heart of the Northern Beaches,” he said.  
The site is available for sale through expressions of interest, closing 31 May, 2017.
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Two beachside properties on Sydney's Collaroy Beach on the market

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Developer Mayrin Group has purchased a site in Sydney’s North Shore for more than $35 million through Savills Australia.
The site features nine individual residences and spans 6,778sqm.
The site, 130-138 Archer Road and 10a, 12 and 14 Boundary Street in Roseville is 600 metres from the Chatswood Business District.
William Wu, the Director of Mayrin Group said the site has two street frontages, will provide more than 40 townhouses.
 "This rare, medium-density product will reshape and lead the local market which is dominated predominantly by apartments and houses," he said.
The site boasts an 80.63 metre street frontage along Archer Street and an 87.3 metre frontage along Boundary Street. 
According to Stuart Cox, Director of Residential Site Sales at Savills, Roseville is a hotly contested Lower North Shore suburb with very few opportunities to acquire a property of this unique size. 
“This is one of the largest land holdings sold to date on the North Shore," he said.
"The site is zoned R3 Medium Density Residential, which lends itself to a premium grade, low-rise residential flat building development or prestigious townhouse development.
"There are currently no premium townhouses for sale ‘off the plan’ in the whole suburb."
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