Knox intersection site listed for sale again
A prime Wantirna South corner site has been relisted with planning permits for a high-rise residential and commercial development.
The 7610sqm block at 390 Burwood Highway has been priced at more than $2000 per square metre, landing it with an eye-watering $14.5-$15.95 million price tag, according to CVA listing agent Daniel Philip.
The property was on the market for $14 million last year with another agency, but failed to snag a buyer despite strong investor and developer interest.
A Chinese developer paid $10.15 million for the site in 2017, according to CoreLogic.
An artist’s impression of the proposed development at 390 Burwood Highway, Wantirna South.
The corner block offers a very wide street frontage.
Philip says recent zoning changes made the land more attractive and valuable as it could now be developed for high-rise living.
He says the site is being offered with a planning permit for apartments, which could rise up to seven levels.
The block has a combined 156m frontage to Burwood Highway and Stud Rd and sits across from other high-rise apartment blocks and Westfield Knox shopping centre.
“We have also had strong inquiries from local and overseas buyers, including several syndicates and larger institutions,” Philip says.
These apartment blocks are opposite the large site up for grabs.
The current longstanding tenants on the site.
The proposed development designed by COX Architecture includes offices, residential apartments including student accommodation, and retail and educational facilities
It is well connected to EastLink, Swinburne University, private and public schools and Knox Private Hospital.
The site currently houses an Allison Monkhouse funeral home on 623sq m, with a foyer entrance, office areas, chapel and manicured gardens.
The expressions of interest campaign for the property was set to close on April 2.
The former Food Star restaurant site nearby fetched more than $11 million.
Houses along Stud Rd rezoned for high-density living have sold well in recent years and been transformed into apartments and townhouses.
In 2018, a former apple orchard at 1211 High St Rd, Wantirna South, fetched almost $100 million after being rezoned.
A year earlier, a 5568sqm site at 500 Burwood Highway fetched between $11-$12 million and offered potential for an eight-storey apartment complex and 29 luxury townhouses.
