Coles is selling a high-profile development site in Melbourne’s exclusive Gardenvale.
The former car rental yard at 203-207 Nepean Highway is expected to sell for more than $3.5 million according to sources
Part of the 1123 square metre parcel is zoned Commercial 1 – allowing for it to be replaced with apartments.
The balance is zoned Commercial 2, allowing for, amongst other developments, office and retail.
A mixed-use complex comprising residential, office and retail/showroom space, is a possible development outcome.
With 31 metres of Nepean Highway frontage, the holding is not limited by a height restriction.
Any new development will also not require setbacks to the blocks north and south.
“The residential properties located further to the east of the site are separated…via a right-of-way which creates a buffer between any development which may be proposed on the site,” Knight Frank selling agents Ed Wright and Danny Clark added.
As well as builders, investors and owner-occupiers are on the agents’ radar: another rental yard, a dealership or tyre and auto trader, could be suitors. About 70,000 cars pass the block daily.
About nine kilometres south-east of the city, Gardenvale shares the same postcode as Elsternwick, which has a median house price of $1.67 million.
Confusingly, the Gardenvale train station is in Brighton, which is the suburb neighbouring it to the west.
The Coles property is walking distance to three retail strips including Gardenvale Road and, in Brighton, Martin and Bay streets.
Coles continuing to reweight its property portfolio
Coles has been an active vendor this year.
In July, we reported that it sold a two year old supermarket in Yarrabilba, a growth corridor between Brisbane and the Gold Coast, for $19.05 million.
Nine months ago, we reported that Coles sold the near-new Aurora Village retail centre in Melbourne’s northern suburb of Epping for $44 million.
Last November, we reported that Coles acquired a Surrey Hills retail premises at 126-138 Union Road.
The supermarket recently opened up a “small format store” within that 1860 square metre space.
Within a couple of years, Coles intends to be trading from about 120 small format stores nationally.