A permit approved development site within Glen Iris Retail Village hits the market

A high-profile development opportunity has just hit the market, in a prestigious South-Eastern suburbs location with a lack of high quality office space.

The property at 1539 High Street & 2 Paran Place, Glen Iris, perched on top of Glen Iris Train Station and the Monash Freeway is being marketed by JLL Melbourne’s Jesse Radisich, Nick Peden and MingXuan Li in conjunction with Walter Occhiuto and Andrew Dawkins from Dawkins Occhiuto.

The 1,144sqm landholding, currently improved by a large warehouse and adjoining retail shop with short-term holding income, is expected to sell for in excess of $7 million.

JLL Director Jesse Radisich, said “the site had planning approval for a highly sustainable 6-level office and retail project, comprising of 4,237 sqm of net lettable area and 77 car parks.”

“The approved plans provide sub 800sqm floor plates, allowing the building to target a broad tenant market. The plans allow for an efficient side core design, flexible floorplates, and maximised natural light to all floors,” he said.

Walter Occhiuto from Dawkins Occhiuto said, “With Glen Iris Train Station, trams on High Street, Monash Freeway entrances inbound and outbound and substantial retail amenity all within 100 metres of the site, the project is perfectly positioned to take advantage of the rich amenity in the immediate vicinity.”

“This site adjoins the extremely popular ‘Deeds Brewing’ restaurant and brewery being a local institution and underpinning the demand for this particular location and it’s future success.”

JLL Director Nick Peden, said “With a distinct lack of competing new office product in the local area, this project is set to appeal to the full range of tenants seeking office space with the benefit of the modern ESG features, while the tenant decentralisation from the CBD continues for office space in Melbourne.”

1539 High Street & 2 Paran Place, Glen Iris is For Sale by Expressions of Interest closing Thursday 11 May at 2pm.