West Melbourne site with apartment permit up for auction for more than $2 million

A development site in West Melbourne with a permit for apartments and ground floor office is up for auction with price expectations of at least $2 million.

The auction is on March 2 through Teska Carson.

Located at 53 Dryburgh Street, two kilometres from the CBD, the property comprises a two-level office building on a 230 square metre site zoned Mixed Use.

It has apermit for a five-level, mixed-use development, with 19 apartments and an office, and has two street frontages.  

According to marketing agents, Teska Carson’s Gideon Marcus and George Takis, the property will be sold subject to a short term, ground floor lease at $40,909 per annum plus GST. The first level is vacant. 

Marcus said West Melbourne had developed into a vibrant inner-city location because it was close to essential services including public transport, freeways, shopping, sporting arenas, schools and public open space.

“Sites with easy access, two or more street frontages, have been very much in demand from both developers and end users as well as owner-occupiers and investors,” Marcus said.

"It goes without saying that sites with a development permit in place have been that much more attractive, and for that reason we expect a high level of interest in Dryburgh Street.’’ 

Takis said the CBD fringe apartment market had gone from strength to strength as Melbourne’s population growth surged and a new generation of Australians chose the inner-city lifestyle which afforded close proximity to everything with a minimum of travel required.

“Properties which present in this market generally offer fundamentally sound investment credentials and Dryburgh Street is no exception,’’ he said.