East St Kilda Site Offers Great Development Potential

A prime development site located six kilometres south of Melbourne CBD has been listed for sale.

The 1,344 square metre development site at 43-45 The Avenue, Balaclava (East St Kilda) is ideally located on the south side of The Avenue and has right of way to the side and rear, which provides a range of flexible development options.

The East St Kilda site, zoned general residential under the City of Port Phillip Planning Scheme, offers the potential for the construction of a valuable three to four level apartment complex (subject to planning approvals).

The site, comprised of two Victorian homes on two certificates of title, is in proximity to existing three plus loft developments on The Avenue, which should provide confidence for future development potential.

The existing homes could also provide a source of income post settlement.

The prime location is close to many parks and open spaces, and also many highly regarded private schools.

Nearby is the bustling Carlisle Street shopping precinct, as well as numerous bars and restaurants. There is also the convenience of public transport available with Balaclava Railway Station within easy walking distance, as well as trams and buses close by.

The sale is being conducted by DTZ’s Richard O’ Callaghan and Patrick O’Callaghan.

This listing comes off the back of several similar development site sales in and around Melbourne, which have been successfully conducted by DTZ recently.

“We are still witnessing strong demand both locally and from offshore for quality development sites such as this in the Melbourne market.

“This East St Kilda site represents an outstanding opportunity for the astute developer to unlock the potential value here with the construction of a lucrative three or four level residential apartment complex in this very desirable location.” Richard O’ Callaghan said.

Patrick O’Callaghan said the site is ideally located in a vibrant and sought after part of East St Kilda.

“This is a rare opportunity to gain a foothold in a blue chip residential development precinct. The market in Melbourne is still very buoyant and we expect some competitive bids from local and offshore developers,” he said.