Prime Development Site in Heart of Caulfield North
23 May 2016
Savills Australia is marketing a large development site in the heart of Caulfield North. The property will be auctioned on Wednesday, 8 June, at noon on-site and is expected to fetch in the vicinity of $3.9 million.
The 41-45 Hawthorn Road property comprises an 893 square metre site with 21 metres retail frontage to Hawthorn Road, a flexible Commercial 1 Zone, and a prime location close to significant retail shopping. Current improvements include a single and two storey building in good condition throughout.
The central location also offers extensive public transport options, with trams at the door and Malvern railway station nearby and only a short walk from Caulfield Junction retail.
According to marketing agents, Savills Nick Peden and Jesse Radisich, the property offers developers the rare opportunity to purchase a generous site in an exceptional location, with potential views over Caulfield Park, and a Commercial 1 Zone.
“This is an unbelievable development site with an extensive retail frontage as well as extremely valuable rear laneway access off Inkerman Road. Any redevelopment of the site has the potential to enjoy views over popular Caulfield Park,” Mr Peden said.
He said the property also offered potential for short term holding income and/or an ideal on-site display suite.
Mr Radisich said apart from public transport and retail, the area also benefitted from close proximity to several of Melbourne’s best schools, parks and recreation facilities including Melbourne and Caulfield Grammar, Caulfield Racecourse and Caulfield Park Bowling Club.
He said the area had been a favourite of apartment dwellers seeking the lifestyle benefits.
“Caulfield North and surrounds have been high on the list of desirable suburbs for those seeking apartment living and the demand has been driven further by a high median house price of $1,850,000 in the suburb,” Mr Radisich said.
He said the property’s key attributes included:
- A large landholding
- Commercial 1 Zone
- Extensive retail frontage
- Rear laneway access
- Vacant possession
- Potential views over Caulfield Park
- Public transport
The property will be sold with vacant possession.
