Melbourne's Prahran site expected to go under the hammer for at least $8.75 million

Melbourne's Prahran site expected to go under the hammer for at least $8.75 million
Melbourne's Prahran site expected to go under the hammer for at least $8.75 million

A permitted development site in Melbourne's Prahran is up for auction through Colliers International and expected to attract interest above $8.75 million.

The 850 sqm site at 103-105 High Street has a permit for a development with a total net saleable area of 4,321 sqm comprising seven levels of apartments, ground floor retail and a floor of office space, along with 63 car spaces.

The listing agents are Trent Hobart, Hamish Burgess and Ben Baines of Colliers International.

“Given proposed zoning changes in the area, a development to this height is likely not to be approved again,” Burgess said. 

The site is close to Chapel Street, Greville Street and Prahran train station.

The scheme by architects Rothelowman capitalise on the potential for CBD views.

“This site is situated in a highly sought after city fringe location, with Prahran having experienced tremendous growth of almost 24% in median house prices over the past 12 months,” Hobart said. 

“Given the locational attributes, design by Rothelowman and with a planning permit in place, the site is a low risk development proposition that the buyer will be able to commence marketing immediately."

Tags: 
Melbourne Auction

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