Investors outbid developers for Windsor block of flats opposite park

The site neighbours a three-level apartment complex and a church.

An investor outbid two developers to snare an older-style apartment complex opposite Victoria Gardens in Melbourne’s inner-south pocket of Windsor.

The sale price for 360 High Street – $6.6 million – reflects a low 2.2 per cent passing yield.

On a 1308 square metre plot of land zoned Residential Growth, the holding accommodates an open-air car park, gardens and six two-bedroom flats – which the buyer has valued at $1.1 million each.

The red-brick block contains six large two-bedroom dwellings.

Knight Frank marketed the site for its development potential: given current planning permissions, it could feasibly make way for a multi-level complex atop a basement car park, potentially accommodating more than 20 dwellings.

Non-residential builders were also targeted. The site, with two street frontages, is within walking distance to commercial zones in both Williams Road and Chapel Street, Prahran.

This pocket of High Street also contains a variety of non-residential property including the St Demetrious Church next door, an early learning centre across the road and a Centrelink office and gym to the west.

The property offers impressive north-facing views over one of the suburb’s largest and quaintest public spaces – Victoria Gardens, a historic two hectare gated park.

Brokers Andrew Greenway, James Thorpe and Tom Zhou marketed 360 High Street for a family which had held it for more than 50 years.

At the auction, last Thursday, four bidders contested – two investors and two developers. In the end, it was the investors left competing against each other.

Declared on the market when the offers reached $6.3 million, the asset, six kilometres from the CBD, is selling to a local.

Given the precinct’s underlying land value, few developers today would allow an open-air car park on the site.

Marc Pallisco

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

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