KordaMentha has sold a Cheltenham development site which failed developer Steller had earmarked for a nine-storey building.
Covering a 1645 square metre corner block, the offering was configured with a total of seven strata-titled shops – only two of which are tenanted.
Five would have been razed for Steller’s project which was proposed to include 65 flats, two office suites and four new ground floor spaces.
Given the Activity Centre 1 zoning, and location in an area which has seen significant high-density apartment redevelopment, the Cheltenham blocks were expected to pique the interest of builders.
The incoming owner is as yet unknown.
The Station Road deals come a month after KordaMentha, via CBRE, sold a hospital formerly controlled by Steller at nearby 152 Como Parade West, Parkdale, for $10.2 million.
Last November, receiver McGrathNicol offloaded a Frankston development site which Steller had earmarked to make way for a 17-storey apartment building – that suburb’s tallest structure.
Savills sold that 3301 sqm property, 6-12 Davey Street, for a speculated $6.5 million.