Mixed-use Elwood investment with extension permit set for auction

A mixed use site in Elwood with development potential has been listed.

The 336 square metre 63 & 63A Glenhuntly Road property is currently home to a medical centre with five consulting rooms, as well as an apartment with a balcony.

The property has a combined $103,680 per annum return.

The Elwood Family Clinic has a permit to extend the practice to eight rooms. 

The property is located between Broadway and Ruskin streets  and is zoned Commercial 1, which promotes mixed use development including retail, office, business, entertainment and community uses, as well as residential. 

The marketing agents, Teska Carson’s George Takis and Larry Takis, said the area is seeing an upsurge in popularity with residential and commercial developments completed in recent years.

“This exceptional property is prominently positioned within the tightly held Elwood retail/commercial precinct, and within one of Melbourne’s most popular bayside residential areas,” George Takis said.

“The location benefits from excellent amenities including a plethora of retail, cafes, restaurants, recreational facilities, bayside beaches, and is only 7.5 kilometres from Melbourne’s CBD.”

The property will be auctioned onsite on Thursday, November 29 at 12pm.