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Written by Marc Pallisco
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Thursday, 15 July 2010 00:02 |
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A HUGE property in Prahran, Melbourne, listed for sale as an investment, could wind up in the hands of residential developers, cashing in on the current inner-city high density building boom.
The Malon Lodge in tree-lined The Avenue, is expected to sell for about $2 million.
Currently configured as a 24-room special accommodation home, O’Donoghues First National Camberwell’s Fred Barlett is selling Malon Lodge with a lease to the hospital operators until 2013, with renewal options.
The 1260 square metre site is supersized, by inner-city standards, and could yield a project of more than 50 units, sources speculate.
Malon Lodge, at 54 The Avenue, is zoned Residential 1.
Elsewhere in the chic inner-city suburb, a 13,711 square metre site formerly occupied by the Vision Australia is to be redeveloped into a major village after selling to local developer Caydon for $21 million in April.
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