Block in Chapel Street, Windsor, sells for $5.1 million

The property includes a small rear car park.

An investment with development upside in Melbourne’s trendy Windsor sold for $5.1 million this week.

The property, 168 Chapel Street, on the north-east corner of Victoria Street, is understood to be trading to an investor who may redevelop it in future.

It includes a two storey, 450 square metre mixed-use building on a 465 sqm block zoned Chapel Street Activity Centre Precinct 4.

A parcel immediately behind 168 Chapel Street has been replaced with a five-storey building.

Elsewhere in the suburb, which is at the southern end of Prahran, developers have recently been lobbying to build towers rising 12 storeys.

Gross Waddell brokers Benjamin Klein and Michael Gross declined to comment about the deal or campaign.

Their online advertisements spruiked that the successful restaurant and café precinct, between Dandenong Road and High Street, is set to benefit from more than $2 billion in construction over the next five years.

The pocket of Chapel Street zoned Windsor is considered the strip’s grungy end.

Major surrounding projects include the Aloft Hotel, Capitol Grand, Jam Factory redevelopment, Como Centre upgrade and the Cato Square redevelopment, the agents promoted.

Late last month we reported that Bill McNee’s Vicland Property Group paid $12.6 million for the Jam Factory car park at 11-13 Wilson Street. An application to replace this 1125 sqm plot with an office is being reviewed by the City of Stonnington council.

In October we reported that Vicland is replacing airspace atop rail lines opposite the South Yarra station with a mixed-use complex containing office and retail, and a public plaza.

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Marc Pallisco

A freelance property analyst and journalist, Marc is a co-founder of realestatesource.com.au.

Marc Pallisco