An under-utilised block on the street with one of Melbourne’s highest land values has hit the market.
Ren Court at 193 Beaconsfield Parade could sell for more than $8 million.
Developers are expected to be prevalent; the 601 square metre site could accommodate a circa-10 storey building.
The parcel also fronts Ashworth St.
Any development would have 180 degree water and CBD skyline view security.
High rise site in low rise pocket
One of Melbourne’s most exclusive suburbs – Middle Park is almost completely low-rise, with very few sites able to accommodate major buildings.
The ones which could are predominantly on Beaconsfield Pde – but most of the big blocks there are developed.
Two years ago, Edge Group repurposed a five level residential building in the street – at #312 – with 34 dwellings (story continues below).
That block, spreading 905 sqm, was also previously owned by Fridcorp which planned to knock it down for a luxury new build.
Beaconsfield Parade, Middle Park, also accommodates the landmark Hughenden mansion, for decades occupied by the Danish Club, which sold it in 2007 to Sussans director Naomi Milgrom who reverted it to a home.
Three years ago, Computershare founder Chris Morris sold his Art Deco residence in the street – at #223 – for $12.3m; coincidentally his daughter, Hayley Lewis, and her husband, Andrew, this month spent over $15m for #367, which is classified St Kilda West.
“This is an extremely rare offering,” Mr Milligan said of #193.
“With exceptional frontage and uninterrupted views over Port Phillip Bay and the CBD, this is one of the best lifestyle locations in one of Melbourne’s most valuable precincts,” he added.
All up, the property offers 21 metres of street frontage.
The agent is also expecting investors to look in, with Ren Court accommodating seven large apartments which could be refurbished, possibly after an extension into the airspace.
Middle Park’s median house price is $2.75m, according to REA Group.
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