A residential allotment near Swinburne University’s Hawthorn campus has been billed for a multi-level residential or student accommodation redevelopment, as developers continue to pursue inner-eastern opportunities in blue-chip suburbs.
Colliers International’s Hamish Burgess, Matthew Alderman and Ben Baines have been appointed to the sale of the 445 square metre landholding, which is expected to generate interest in the vicinity of $3 million via expressions of interest.
“The site is positioned in the Swinburne education precinct and will appeal to both residential and student accommodation developers,” Mr Burgess said.
Mr Burgess said the site’s flexible Commercial One zoning under the City of Boroondara, position in the Swinburne education precinct, and potential for viewlines across Central Gardens made it an “exciting” development prospect, subject to council approval.
“This is one of Melbourne’s most prestigious educational precincts so buyers are encouraged to capitalise on the demand for both residential and student housing here,” he said.
“The covenants in place are supportive of a multi-level development with a discretionary height allowance of 22 metres.”
Mr Burgess said Hawthorn offered “unrivalled lifestyle advantages” for the end residents of the prospective development.
“The location is exceptional, with immediate access to public transport, Central Gardens and the Glenferrie Road retail precinct,” he said.
“Hawthorn is one of Melbourne’s most affluent suburbs, with proven success in apartment developments in the immediate vicinity and a median house price of $2.08 million.”