Coles has successfully auctioned a high-profile former used car dealership in Melbourne’s Gardenvale.
A developer fought three underbidders to snare 203-207 Nepean Highway, paying $3.65 million.
The purchaser plans to owner-occupy part of a mixed-use project now set to replace the 1123 square metre holding.
Zoned Commercial 1, a variety of development outcomes can be considered, including residential.
The property is close to the corner of Gardenvale Road – a street where mixed use complexes of up to five storeys have recently been constructed.
Gardenvale train station and the Martin Street, Brighton, retail strip, are in the immediate vicinity.
Their campaign generated more than 100 enquiries.
“Offered with vacant possession, this highly exposed development site sold after generating significant interest with commercial developers, childcare operators, petrol station operators and owner occupiers,” Mr Wright said.
“Given the zoning, it was eventually purchased by an owner occupier who plans to develop a premium mixed-use development over the next 12-24 months”.
The sale price values every sqm of land at $3250.