A major landholding in prestigious Brighton presents a rare development opportunity

6 November 2023

A substantial 6,060sqm landholding with triple street frontages in Melbourne’s prestigious Brighton has exclusively been brought to market by Colliers Ian Sanders, Hamish Burgess and Justin Hazell.

This significant site is primely located in Brighton, surrounded by picturesque public amenities, including Elwood Beach, Elwood Pier, North Road Foreshore Reserve and the Yalukit William Nature Reserve, formerly known as Elsternwick Park, and an abundance of retail and hospitality services along Ormond Road and Martin Street shopping precincts.

Colliers Director for Development Sites, Hamish Burgess, said, “A development proposition of this stature on a generously L-shaped lot, within one of Melbourne’s most coveted residential locations, is rarely offered to the market.

“453 New Street is located in the coveted residential suburb of Brighton, one of Melbourne’s most prestigious residential precincts, home to 22,578 residents, with the suburb’s median house currently at $3.2 million.

“Brighton’s enviable residential locale, in conjunction with sustained market growth, makes this property ideal for investment, value-add, or development, nestled within an area known for its social infrastructure, highly sought-after village-style retail precincts and the bayside beaches,” Mr Burgess added.

The property is offered with vacant possession with improvements, including a vacant former Residential Aged Care facility on the northeastern portion of the site, and a school and childcare facility occupying the southwestern portion.

“The well-maintained improvements on-site set the scene for an excellent development or repurposing proposition for an incoming developer or occupier,” said Colliers Head of Transaction Services, Asia Pacific, Ian Sanders.

“The expansive landholding lends itself to a wide range of development or repositioning opportunities, including the development of high-end aged care or retirement living functions, educational uses, or residential development, sitting on neighbourhood residential zoning under the City of Bayside planning scheme,” Mr Sanders added.

With price expectations in excess of $20 million, 453 New Street, Brighton, is being offered for sale via Expressions of Interest (EOI), closing Friday, 17 November at 12pm (AEDT).