Prestigious Surrey Hills development site snapped up by Australian-based developer

Prestigious Surrey Hills development site snapped up by Australian-based developer


July 2017
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Prestigious Surrey Hills development site snapped up by Australian-based developer

An Australian-based developer has snapped up a permitted development site on Canterbury Road, in Surrey Hills, shelling out $9.4 million.

The 2553-square-metre site at 352-358 Canterbury Road is a strip of houses between Union and Norfolk roads, which are leased to a string of different tenants, including a vet practice.

Colliers International agents Hamish Burgess, Bryson Cameron and Ben Baines ran the expressions-of-interest campaign, which attracted 150 inquiries and six bids.

Mr Burgess said the buyer, an Australian-based Chinese developer, was undecided about sticking with the site's current permit which allows for 17 townhouses, 12 apartments and five shops in a Commercial 1 zone allowing for three levels.

"We also received interest from parties looking to value-add and increase the density on the site," he said.

While the Canterbury Road site is on a major thoroughfare, it has frontage to Surrey Park at the rear of No.352 and is close to Surrey Hills railway station and the shopping village.

View Listing; https://www.developmentready.com.au/properties/352-358-canterbury-road-surrey-hills-vic-3127 

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