Blue chip development site at South Yarra

A development opportunity in South Yarra’s Forrest Hill precinct is on the market with expectations for more than $5 million.

The property, 30-32 Claremont Street, is marketed by Teska Carson is situated on the eastern side of Claremont Street.

It features a 750 square metre, two level, brick, office/warehouse and four car spaces on a 490 square metre site zoned Mixed Use with 12 metres frontage to Claremont Street.

Teska Carson’s Michael Ludski said this property represents one of the last remaining high-density development opportunities within this tightly held, prime inner-city location, only three kilometres from the Melbourne CBD.

"The property falls within the former Forrest Hill industrial area, which has become a very highly regarded precinct, underlined by its extraordinary transformation in recent years on the back of significant residential and commercial development within the immediate South Yarra vicinity,’’ he said.

"Melbourne’s nation leading population growth, particularly in the coveted inner-eastern suburbs, was the key driving force that would continue to provide developers with quality opportunities.

"Melbourne’s population growth has driven a very strong residential and commercial development market in Melbourne in recent years, especially in areas that offer essential amenity including the best retail, transport and schooling options.

"South Yarra has been at the forefront of that development growth and will continue to be as long as blue-chip opportunities such as Claremont Street remain available."  

The property will be sold subject to a 12 month lease from October.