Commercial and residential property news
IT has been a busy period in Melbourne’s outer south-east.
Last week, Planning Minister Justin Madden unveiled a master plan for a new suburb, Cranbourne East, capable of accommodating 20,000 people.
Now, in nearby Cranbourne West, first time developer Wolfdene is readying to start marketing the first blocks within its $56 million Alarah estate, at 660 Hall Road.
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IN AN environment where government bureaucrats and planners behave like Melbourne has less land for redevelopment than London, it’s no surprise VicRoads is trying to flog off a poorly located site beside the junction of three busy highways.
VicRoads has requested to rezone two parcels of land known as 25 and 55 Burwood Highway, in Wantirna, which it compulsorily acquired to build the Eastlink tollway, but no longer needs.
The affected land is well serviced by transport – abutting the busy intersection of Burwood and Mountain highways, and Eastlink, about 25 kilometres east of the CBD.
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A LOCAL developer has paid $17 million at auction for a major development site in Dandenong South – the heart of industrial activity in Melbourne’s south-east.
Three bidders competed to buy the 32 hectare site, which has a massive 501 metre frontage to the busy Frankston Dandenong Road and is near the Thompson Road junction of Eastlink.
The site was marketed as an opportunity to own and masterplan a major industrial subdivision. Industrial zoned land in the south-east is more limited than in the western and northern suburbs, which is why land values and rents are higher.
Read moreA Knoxfield office and warehouse building, on a massive 1.4-hectare block of land near an Eastlink Motorway exit sold to a private investor for $8.2 million, on a passing yield of 7.7 per cent.
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