Springvale corner with 12-storey upside for sale
An ANZ-anchored investment – with recently introduced planning controls opening the way for buildings of up to 12 storeys – is for sale in Springvale.
The 1166 square metre corner holding at 286-288 Springvale Road contains two buildings.
A total 1071 sqm is configured as five tenancies.
The combined income is $361,850 per annum.
Aston Commercial’s Fred Nucara and Rodney King are the agents.
More than $5.5 million is expected.
286-288 Springvale Road
The ANZ building, at the south-west corner of Windsor Avenue, was before 1992 owned by the group via ES&A Bank.
It contains 468 sqm (including a bunker) on a 306 sqm block returning $163,000 per annum net on a lease expiring in 2029 with a three-year option.
The neighbouring building, 288 Springvale Rd, is configured with four tenancies, returning $198,850 annual net rent.
It occupies an 860 sqm site.
The amalgamation’s combined street frontage is 76 metres.
Central site
The properties sit within the Springvale Activity Centre, about 400 metres from Springvale train station (continues below).
Springvale Central and Springvale Shopping Centre are in the immediate vicinity.
The listing comes three months since the state government introduced updated planning controls for the Springvale-to-Dandenong activity centres – with height provisions intended to accommodate more housing near public transport and established services.
Twelve levels could be considered here.
“Springvale has been an established commercial centre in Melbourne’s south-east for decades, supported by its retail base, multicultural business community and access to major transport routes,” Mr King said.
“The level crossing removal and station redevelopment have further improved connectivity, while the state government’s latest planning controls reinforce the centre’s role as a location for future housing and commercial investment,” according to the executive.
Mr Nucara added the site could also attract an owner-occupier looking for a central outlet.
Residential developers are also expected to look in.
“Springvale’s apartment market is evolving as more housing is directed towards established activity centres close to public transport, shops and services,” Mr Nucara said.
“An amalgamated corner holding of this size and with 76 metres of street frontage offers flexibility for a future owner to consider a more intensive outcome,” according to the executive.
“The surrounding area has already seen higher-density proposals, including an approved eight-storey development in Kintore Street comprising 87 affordable homes,” he added.
Springvale is 22 kilometres south-east of Melbourne’s CBD.
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