Premium tri-building site has “undeniable development potential”

Colliers International preaches to developers on former church asset in Ivanhoe East

A substantial landholding with three former church buildings poses a prime opportunity for developers in Ivanhoe East.

Colliers International’s Melbourne Metro Sales agents Jeremy Gruzewski and Ted Dwyer have been appointed to the expressions-of-interest campaign for 321 Lower Heidelberg Road, which closes December 14 at 3pm.

The 5,441sqm property comprises two former church halls and an additional recreation/dining hall building. It has three street frontages measuring more than 160 metres in total and is zoned General Residential 2 under the city of Banyule planning scheme.

“The sheer size and zoning of the property make it perfect for high-end residential, aged care or other development, subject to council approval,” Mr Gruzewski said.

Other existing improvements include tennis courts and a house, which are all in good condition.

“The improvements are still being utilised, making this a flexible, extremely unique offering suitable for a number of uses,” Mr Gruzewski said.

Mr Dwyer said the prime location atop the Ivanhoe East hill, within close proximity of the Austin Hospital and upper and lower Heidelberg villages, would be a key selling point.

“Ivanhoe East is an afluent suburb about 12 kilometres from Melbourne city and surrounded by retail amenity, transport and parklands,” he said.

“This property is perfectly positioned to take advantage of the stunning CBD views and has undeniable development potential.”

As at November 2016, the median house price in Ivanhoe East was $1.75million, which Mr Gruzewski said raised scope for residential development promising solid return.

“Residents are surrounded by stunning lifestyle amenity, including world-class golf courses and Yarra River parklands,” he said.

“Being one of Melbourne’s better areas, Ivanhoe East is never going to go out of fashion.”

Expressions of interest close December 14 at 3pm.

Colliers International Lower Heidelberg Ivanhoe East church development site commercial real estate

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