NEWS

Permit-approved development site in blue-chip location comes to market

Townhouses, apartments and shops approved for 2,553sqm property in Surrey Hills, as developers continue to seek land for boutique infrastructure

A prime-located, permit-approved development site in Surrey Hills has hit the market, as prospective buyers continue to seek land for boutique townhouses in Melbourne’s leafy east.

The 2,553sqm property at 352-358 Canterbury Road has permit approval for 17 townhouses, 12 apartments and five shops, with a flexible Commercial 1 zoning and new discretionary height limit in place.

Colliers International’s Hamish Burgess, Bryson Cameron and Ben Baines have been appointed to the expressions-of-interest campaign, which is expected to spark contest among local and offshore developers.

Mr Burgess said Surrey Hills was a proven townhouse and apartment market, with a media house price of $1.8million.

“This property will be hotly contested by local and offshore developers seeking to acquire a high-quality permit-approved townhouse site in one of eastern Melbourne’s finest suburbs,” he said.

“Given the new discretionary height limit, we also anticipate interest from parties looking to value-add and increase the density on the site.”

The Canterbury Road address is beside Surrey Gardens, 300 metres from Surrey Hills train station, moments from the Union Road shopping strip and within easy reach of Maling Road.

“Rarely do we see such an opportunity in the eastern suburbs to acquire a permit-approved townhouse development site with such tremendous amenity on its doorstep,” Mr Burgess said.

Colliers International Development Site Sales commercial real estate corporate property Canterbury Road Surrey Hills townhouses boutique apartments

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