Corner site in Melbourne's Glen Waverley nets nearly $2.4 million

A Chinese investor has picked up a corner site in Melbourne’s tightly held Glen Waverley for $2.38 million via private sale.

The 206 square metre retail site at 15 Railway Parade North comprises a single-level brick building of around 150 square metres. The sale price reflected a land rate of $11,387 per square metre.

The deal was brokered by Fitzroys agents Chris Kombi and Terence Yeh along with Peter Sprekos and Damien Sweeney of JLL.

Kombi said the property was offered with vacant possession and Commercial 1 zoning.

He said the property offers future development potential, being subject to proposed amendments to the Monash Planning Scheme that if approved would see the maximum height for the site increased to between eight and 10 stories.

“The offering received interest from investors, owner occupiers and developers alike, all looking to capitalise on the vibrant surrounding Kingsway shopping, dining and entertainment area.”

Kombi said the commercial offering of the area includes The Glen Shopping Centre nearby, which has over 207 specialty retail shops. Nearby are eateries, a cinema multiplex and other entertainment options.