Melbourne businessman, developer Mark Economos, is selling a historic property in Cheltenham, permit-ready for an eight-level apartment complex which an incoming owner may see extended by four storeys.
The c1886 building, built as a Protestant hall at 1261-1263 Nepean Highway, is under offer after hitting the market in April carrying price expectations of more than $8 million.
The property was offered with plans to become Bayside Rise, a residential building containing 88 flats incorporating the historic building, which occupies part of the 1605 square metre block.
However marketing agency CBRE was promoting a pre-approved permit, which could extend the height of the tower to 13 levels.
Permission for the taller structure is dependent on the Aviation Authority.
Fernwood Gym occupies the site on a short-term lease.
About 18 kilometres south-east of Melbourne, 1261-1263 Nepean Highway is next door to the enormous Westfield Southland shopping centre and the recently re-opened Southland train station. It is also less than 500 metres to the Victoria Golf Course and a short drive to beaches in the neighbouring suburbs of Black Rock, Beaumaris and Mentone.