Developer Plans Apartments For $2.43m Waverley Road Site

A Melbourne based developer has paid $2.43 million at auction for a Waverley Road development site in Malvern East with an existing permit for a mixed-use development.

According to marketing agents, Teska Carson’s Michael Taylor and Tom Maule four bidders from a crowd of circa 50 interested parties pushed the price for the 280-282 Waverley Road property to well over the vendor’s reserve.

"This was a property which, due to its location and the existence of a mixed-use permit, attracted more than 80 enquiries, predominantly from developers, and that demand was well reflected in what was a strong result," Mr Maule said.

"It was ultimately knocked down to a local developer with preliminary plans for a residential project to deliver about 18 apartments."Located within the Waverley Road Village, the 704 square metre site, zoned Commercial 1, has frontage to both Waverley Road and Terminus Lane of 15 metres.

Improvements include a single level, 295 sqm, showroom currently being utilised as a photography studio.

Mr Taylor said the existing permit had been issued for the construction of a three storey mixed use development comprising ground floor showroom/office, first floor offices and second floor apartments.

He said the highly exposed location offered easy access to a number of Melbourne’s major arterial routes, Melbourne’s CBD, public transport and CityLink, together with many other lifestyle amenities in the well-known and strongly performing Waverley Road retail precinct.

The property was offered with vacant possession.