$4 million plus hopes for South Yarra apartment development site

A South Yarra property is expected to sell for more than $4 million at auction through the Melbourne agency, Dawkins Occhiuto

$4 million plus hopes for South Yarra apartment development site
$4 million plus hopes for South Yarra apartment development site

A South Yarra office property with significant development potential is expected to sell for more than $4 million at upcoming auction through the Melbourne estate agency, Dawkins Occhiuto.

The 48 Wilson Street property is set to become a multi-level office, residential or mixed use development (STCA).

Grant said there had been height precedents set by a number of, predominantly residential, developments in Wilson Street of eight or nine levels, according to a preliminary planning report prepared by Pro Urban. 

Mr Dawkins said city fringe development sites were becoming increasingly difficult to find as demand for residential and office space continued to grow. 

The property will be auctioned August 12.

It currently comprises a single level, 304 square metre office building on a 401 square metre site with Activity Centre 1 zoning.

It is currently occupied by vendor Hatched Media which is offering a 12 month, holding income, leaseback, at $160,000 per annum net.

Located within the South Yarra Activity Zone Dawkins Occhiuto directors Tim Grant and Andrew Dawkins suggest the site provides significant potential for a multi-level office or residential development (STCA).

``We expect the market response to reflect what is a very real scarcity of such opportunities, which in this case offers the additional attraction of 12 months holding income,’’ Mr Dawkins said.          

The property will be auctioned on Thursday, August 12 at 12pm.

South Yarra has been a hive of apartment construction with one of the most recent completions being 661 Chapel Street, that has become a landmark of South Yarra since its construction, towering over the heritage-listed Melbourne High School.

Jonathan Chancellor

Jonathan Chancellor

Jonathan Chancellor is one of Australia's most respected property journalists, having been at the top of the game since the early 1980s. Jonathan co-founded the property industry website Property Observer and has written for national and international publications.

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