Clifton Hill mixed-use development opportunity sold for more than $4 million

A Clifton Hill owner-occupier has reaped the rewards of Clifton Hill’s growing popularity as a development opportunity, selling a sought after mixed-use site for more than $4million – well above expectations.

Colliers International’s Ted Dwyer and Hamish Burgess sold the 243-247 Queens Parade site prior to auction amid keen buyer interest.

Local developer TSW Developments, run by David Tarascio and Adam Wulff, snapped up the 1080 square metre site, with Wulff saying its appeal lies in its prime inner city location and adaptability.

“We are impressed with the mixed use element of the site, and the flexibility it provides to redevelop for a range of different uses, such as residential, commercial or retail,” Wulff says.

“Of significant appeal is the property’s fantastic amenity with train, tram, bus and retail just a stone’s throw away.”

TSW Developments has two residential projects on the go in Balwyn.

The Queens Parade property has a 190 square metre showroom, 485 square metre warehouse, and a car park.

“From day one, we had significant interest in this property,” Dwyer says. “It is in a sought-after location, with strong local amenity and public transport, and to top it off, any future development will have views across Studley Park.”

There is also potential for the site to benefit from the proposed East-West Link.

Burgess says the success of other recent developments in the area, such as Oxley Collingwood and Graphite in nearby Fitzroy North, also fuelled interest in the Clifton Hill property.

“Inner city infill sites close to transport are always sought after, and this property is no exception. Medium-to-high density residential living in this area is in high demand, and apartment sales are at record levels.

“End residential users like this area for its retail and transport amenity, and for its trendy atmosphere and aesthetic appeal.”

The inner north has been popular lately with nearby development sites 466-482 Smith Street in Collingwood, and 304-310 Lygon Street in Brunswick, selling for $5.4 million and $2.27 million.