Port Melbourne development site bought by child care centre

A Port Melbourne development site, with building approval for a five storey building, has been sold for $2.45 million. 

The vacant 382 square metre site, at 77 Bay Street, is zoned mixed use and was sold with an existing plan and permit for a modern five-level building which incorporates a child care facility and ground floor retail.

Fitzroys agents Andrew Hewett, Michael Ryan and Charles Emmett negotiated the sale.

Mr. Ryan said the purchaser is an experienced child care centre and plans on occupying the property, with aims to commence construction later this year.

The site comprised 30 square metres of storage and is located in a "rapidly developing section of the popular Bay Street retail centre, opposite the Thomas Dux supermarket",  said the agents.