The 5372 square metre site (pictured, above), which is now for sale and expected to fetch between $12 and $15 million, according to sources, currently accommodates two historic homes, an open air car park, and a shop occupied by retailer Quality Budget Flags.
Opposite the historic Palace Como Cinema, and within a small retail strip, the site at 188 Whitehorse Road is controlled by property development company Silverton, which is 90 per cent controlled by Leighton Contractors.
In 2009, the Brisbane-based group successfully lobbied VCAT to build a three level complex on the block. However, last year it pitched a much bolder proposal to build 207 flats within three towers, the tallest rising ten levels.
VCAT’s permit allows for four towers, and a total of 155 flats. The approved development will also include a large supermarket and an underground car park with 319 bays.
Savills directors Nick Dempsey and Nick Peden are selling the site for Silverton. In Melbourne, the developer also owns a development site in Keysborough in Melbourne’s outer south east.