Greek club list infill Melbourne site
Another Greek not-for-profit association has listed an infill site held for decades – this time in Melbourne’s Bayswater.
The Lesvos Culture Club, on 3.22 hectares at 26 Waldheim Road, is expected to sell for more than $8 million.
While other social clubs might look in, most interest is expected to come from townhouse developers – the near-rectangle parcel could accommodate about 30 dwellings, some with views over neighbouring Dandenong Creek or Suffern Reserve.
Given its scale however, the property could also make way for an aged care complex, childcare centre of healthcare investment.
LAWD’s Lukas Byrns and Peter Sagar are the agents.
The listing comes three months since Hellenic Village Co, an entity with 51 shares by 21 Greek association, listed a 41.32ha farm, now a potential low density housing estate site, in Sydney’s Austral, near Kemps Creek.
Having paid $500,000 in the late 1980s, that site now carries c$100m-plus price hopes.
26 Waldheim Road
The Lesvos Culture Club bough the Bayswater property in 1983, when it was a farm.
Since then, the area has seen increased medium and high density residential development.
It is also serviced by more sophisticated retail, including at Eastland, in Ringwood, which sports a David Jones, Kmart, Myer and Woolworths, and offices, including soon, an all-electric one at 5 Bond St.
Major arterials including Eastlink, Maroondah Highway and Canterbury Road are also near the Lesvos property, Mr Byrns said (story continues below).
“26 Waldheim Rd was ideally placed to be acquired by developers seeking to provide much needed housing amid tight supply conditions,” he added.
“With population growth forecast to reach record highs in the next three years, and a scarcity of infill sites available for development, the potential offered by this site is unique in today’s market,” according to the executive.
“Additionally, it is positioned near the 664 bus link which services Knox City.
“The property also benefits from an abundance of health services within Bayswater including Maroondah Hospital, the Melbourne Eastern Hospital and Bayswater Health Centre”.
Shovel ready project
Mr Sagar said the Bayswater site is shovel-ready for a variety of development outcomes.
“The housing market in Melbourne is ready to take off again,” he added.
“We have a serious supply issue emerging as infill development opportunities that create alternative product types like this are now very rare,” according to the executive.
“This site’s location and size make it ideal for a range of residential development options, while its proximity to parkland also adds a unique selling point for developers seeking to provide green open spaces for residents.”
Bayswater is 26 kilometres east of the CBD.
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