Glen Waverley Site Sold for $6.25 Million
A commercial in-fill site with redevelopment potential (STCA) at Glen Waverley has sold for $6.25million. Glen Waverley, 20 km east of Melbourne CDB, is a proven entertainment and retail precinct and one of the key activity centres in Melbourne’s east.
The property on a land area of approximately 810 sqm at 50 Montclair Avenue, Glen Waverley, was sold prior to auction to a local developer by Ray White Commercial Glen Waverley’s Ryan Trickey and Ben Ainsworth on behalf of private owners.
Ryan Trickey said the property had been sold at auction last year for a then record price for the precinct of $5.5 million but the buyer was not prepared to settle.
“Our vendors were still keen to sell and an auction process was established and created some keen competition,” he said. “The previous sale in 2015 failed to proceed to settlement at the buyers’ discretion. The new result was a sale of $6.25 million achieved before the proposed auction day.”
Ben Ainsworth said the property is a Commercial 1 zone in-fill site with an existing building and user friendly land.
“This is a proven redevelopment precinct with existing permitted construction underway,” he said.
“There is an opportunity for a 6 to 10 level high (or more STCA) density mixed use development on this site (STCA) and holding income short or long term from the existing building.”
Ryan Trickey said Ray White Commercial Glen Waverley have leased more than 70 per cent of the adjoining 8 level Commercial 1 Zone building now due for completion in late 2016.
“This equates to more than 3,000 sqm of a potential 4,000 sqm which is proof of the demand,” he said.
“It has been reported that the proposed The Glen redevelopment will expand by 17,000 sqm and result in more than 500 new residencies over three new residential towers.
“Ray White Commercial Glen Waverley feel this proposed increase in residents will continue to stimulate growth in this precinct. Sites like 50 Montclair will be in high demand for supporting businesses to The Glen and Kingsway. “