Historic Cheltenham Protestant hall selling following campaign targeting apartment developers

The site at 1261-1263 Nepean Highway, Cheltenham (outlined)

Melbourne businessman, developer Mark Economos, is selling a historic property in Cheltenham, permit-ready for an eight-level apartment complex which an incoming owner may see extended by four storeys.

The c1886 building, built as a Protestant hall at 1261-1263 Nepean Highway, is under offer after hitting the market in April carrying price expectations of more than $8 million.

The property was offered with plans to become Bayside Rise, a residential building containing 88 flats incorporating the historic building, which occupies part of the 1605 square metre block.

However marketing agency CBRE was promoting a pre-approved permit, which could extend the height of the tower to 13 levels.

Permission for the taller structure is dependent on the Aviation Authority.

Fernwood Gym occupies the site on a short-term lease.

About 18 kilometres south-east of Melbourne, 1261-1263 Nepean Highway is next door to the enormous Westfield Southland shopping centre and the recently re-opened Southland train station. It is also less than 500 metres to the Victoria Golf Course and a short drive to beaches in the neighbouring suburbs of Black Rock, Beaumaris and Mentone.

Brokers David Minty, Scott Orchard and Chao Zhang represented Mr Economos, who is an executive with the Econ Property Group.

 

Marc Pallisco

A freelance property writer and experienced analyst, Marc is the co-founder of realestatesource.com.au

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