Developer Snaps Up Carnegie Mixed-Use Site

A local private developer has paid an undisclosed sum for a prime development site with main street frontage at Carnegie in Melbourne’s inner south-east.

According to selling agents, Savills’ Julian Heatherich and Jesse Radisich, the corner property attracted significant interest due to its mixed-use development potential in a popular inner suburban location.

The 360 Neerim Road property comprises a 568 square metre corner site with a quality existing building generating short-term holding income of $55,140 per annum net.

According to Mr Heatherich a development scheme prepared for the property includes 13 extra-large apartments and ground level retail.

"This is an incredibly well serviced location positioned between the Carnegie and Murrumbeena retail precincts and train stations and in close proximity to Chadstone Shopping Centre, Monash University, schools and parks.

"As such it offers developers excellent potential for the sort of residential and retail project described in the development scheme,’’ Mr Heatherich said.

Mr Radisich said the marketing campaign had attracted a high level of interest and some fierce competition from a number of developers, investors and owner-occupiers.

"Ultimately the property was purchased by an astute local developer, continuing the recent boom in developer interest and activity throughout Carnegie,’’ Mr Radisich said.

The vendor was a local private investor.