A social housing provider has purchased a Preston block approved for a six-level complex with 24 apartments.
The 573 square metre parcel at 345-349 Bell Street, between Bell train station and High St, is costing $2 million – valuing each dwelling site at c$83,000.
Unison Housing is expected to begin construction within a year.
Gross Waddell’s Andrew Greenway, who marketed the property with Danny Clark, said a private sale campaign generated inquiry from both builders and land bankers.
The investment has a holding income – $104,000 per annum – from a two level office and neighbouring single level retail, all up offering 23 metres of Bell St frontage (story continues below).
The vendor previously sought to fit 30 flats within the six floor shell.
Not far away a 10-storey apartment building was recently completed behind the decades-old base of specialty Italian cookware retailer Costante Imports.
Salta Properties has also proposed high density residential as part of a Preston Market redevelopment.
The suburb is about nine kilometres north of Melbourne.