Investor pays premium for flexible zoning of high-profile site opposite Belmont Village
FLEXIBLE zoning that paves the way for future commercial opportunities was the key to the sale of a residential house in a high-profile location opposite Belmont Village.
Buxton agent Ben Riddle said 74 High St, Belmont smashed expectation at auction on Saturday, selling for $60,000 above reserve.
He said Chinese investors paid $580,000 for the three-bedroom character home on 520sq m of land.
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“We had three bidders and it was the fact the house was zoned Residential 2, in the Residential Growth Zone, it had the flexibility for commercial use,” Mr Riddle said.
“The people who bought it are Chinese investors who run a business in the area.”
He said another local investor and a developer from Werribee were also keen to unlock the potential of the site.
The weatherboard house currently serves as a residential home with period detail including timber panelling, floorboards, picture rails and leadlight windows.
Rear lane and side lane access adds to the potential of the site, paving the way for easy client access and carparking opportunities.