Massive Vermont South development site back on market
A huge block of land in Vermont South has returned to the market just two years after selling for almost $30 million.
No. 490-500 Burwood Highway, with 130m street frontage to the highway on a 25,830sq m site, last sold for $28,477,076 on May 18, 2017.
But with the developers behind that purchase chasing another opportunity interstate, the parcel of land is once again up for grabs.
RELATED: Melbourne home price falls worst on record, but easing up
Neighbours claim victory for quiet Box Hill North street
Developers strike early to snap up properties before auction
“We sold it for about $28 million a couple of years ago,” said CBRE director Mark Wizel.
“But the people who bought it have recently gone into other ventures in Australia — namely a major tourism project in the Hunter Valley in NSW. They’re cashing out.”
Mr Wizel said the Burwood Highway block, in a general residential zone, would attract offers in excess of $20 million.
An application for a rezone into a residential growth zone was lodged by Tract Consultants in May 2018, with the final decision expected by the end of 2020.
“They are extremely confident there shouldn’t be any issues,” CBRE agent Chao Zhang said.
The property still contains 13 1970s-era office buildings, including the former Victorian headquarters of the Australian Road Research Board, which has heritage protection.
“Future development of the site is not prohibited but must be managed through a planning permit process with emphasis on protecting and respecting the former ARRB office building,” a City of Whitehorse statement said.
Future development would also need to consider elements of the garden, designed by landscape architect Beryl Mann, which have heritage significance, the statement said.
“The heritage is very, very limited,” Mr Zhang said.
Restored Beaumaris mid-century marvel turning heads
TV host Nicky Buckley sells her Bells Beach family home
Long-running Collingwood brothel seeking love on the market