An uncompromising corner with flexible development opportunities brought to market

A significant 8,475sqm landholding with dual street frontages in one of Melbourneโ€™s most affluent residential precincts has been brought to market.

The property is exclusively listed by Colliers Ian Sanders, Hamish Burgess and Justin Hazell, on behalf of Uniting AgeWell, with price expectations of around $28 million.

Located in the heart of the highly coveted Studley Park precinct at 18 Barry Street, Kew, Aโ€™Beckett Corner is positioned to provide exceptional views across Yarra Bend Park and Studley Park towards the Melbourne CBD skyline.

Colliers Director for Development Sites, Hamish Burgess, said, โ€œA development proposition of this stature, within one of Melbourneโ€™s most coveted residential locations, is rarely offered to the market. Its corner location, potential for stunning view lines, proximity to Kew Junction shopping village, and unique scale provides the perfect foundation for a market-defining project.โ€

โ€œGiven the affluent nature of the precinct and scarcity of available land suitable for development, the area has broken records in terms of achievable revenues for developers that have been successful in securing land within this sought-after catchment.โ€

โ€œKew is one of Melbourneโ€™s most desirable residential precincts, surrounded by tightly-held luxury residential homes. Aโ€™Beckett Corner is near several hospitality offerings, parks and multiple public transport connections to the CBD. Itโ€™s a highly coveted and proven high end location where the current median house price is around $2,750,000,โ€ Mr Burgess added.

The highly versatile asset provides a wide range of development possibilities, given its abundance of street frontage and corner position, well suited for residential development, retirement living or repositioning and reusing the existing improvements (STCA).

โ€œThe current improvements include a former Residential Aged Care Facility (RACF), operational until 2019. The property is well maintained and could be utilised as is or repurposed for other healthcare or residential uses,โ€ said Colliers Head of Transaction Services, Asia Pacific, Ian Sanders.

โ€œWith Melbourneโ€™s population and the everlasting appeal of the Boroondara area forecasted to grow, there is currently a high demand for Retirement Living and Age Care accommodation, together with Healthcare services. The ageing demographic within the catchment makes this a compelling case for Retirement Living and Age Care opportunities,โ€ Mr Sanders added.

Aโ€™Beckett Corner, Kew, is being offered for sale via an Expressions of Interest (EOI) campaign, closing at 2:00 pm (AEDT) Thursday, 15th June 2023.

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