25,830sqm* Vermont South site hits the market
A high profile 25,830 square metre* site, with 132 metres* frontage to the Burwood Highway at Vermont South, is on the market with developers likely to note its potential for residential development.
Formerly the Melbourne headquarters of the Australian Road Research Board (ARRB), the 490-500 Burwood Highway property’s built improvements include 13 1970s-era office buildings providing opportunity for substantial holding income during the planning process.
CBRE Director Investments, Mark Wizel, who is marketing the property with Lewis Tong, Ashley McIntyre and Chao Zhang, said the asset would appeal to developers looking to take advantage of the area’s growing population and the site’s apparent suitability for townhouse, apartment, aged care or retirement living uses.
“Location is of course critical to the success of any large scale development and that is largely about population and amenities.”
“According to Forecast.id local municipality, the City of Whitehorse’s population is expected to grow by 27.93% from 179,251 in 2019 to 229,324 in 2041.”
“That sort of catchment and growth has underpinned the success of many of the region’s best retail centres including Burwood One, Westfield Knox, Eastland Shopping Centre, Box Hill Central, and Westfield Doncaster, and will surely influence prospective purchasers of this property,’’ he said.
Mr Wizel said the City of Whitehorse boasted some of Melbourne’s leading educational, medical and leisure facilities and the largest information and communication technology precinct in Melbourne’s east.
He said new residents had also been attracted by the quality schools such as Wesley College, Caulfield Grammar, and Deakin University, several transport options including trams, trains and buses, quick access to EastLink, and numerous recreational facilities including Terrara Park, East Burwood Reserve, Koomba Park and Bushy Park Wetlands.
Mr Tong said he had no doubt the property would attract significant interest from developers out of Asia.
“Vermont South has a very strong multicultural community with nearly half of the residents having been born overseas, including an Asian contingent of close to 20 per cent, more than 50 per cent of which is Chinese.”
“Asian developers are well aware that these people have a strong tradition and liking for multi-unit apartment living. You only have to look at nearby developments in and around Box Hill and Glen Waverley to appreciate the success of that type of project,’’ Mr Tong said.
The property will be sold by Expressions of Interest closing Wednesday 29th May at 2pm.