Park Fronting Fitzroy North Development Site for Sale
31 October 2024This permit approved site in Fitzroy North is an opportunity to refurbish or rebuild.
Haven Home Safe’s partially constructed development on Glenlyon Road in Fitzroy North is up for sale, with Colliers appointed to sell the site via an Expressions of Interest campaign closing Tuesday, 26th November 2024 at 2 pm (AEDT).
The park-fronting site, located at 261 Glenlyon Road, Fitzroy North, is expected to achieve in excess of $5.5 million. Colliers Residential team Robert Papaleo, Philip Heberling, and Aaron Choong are pleased to present this site to the market.
Haven Home Safe (HHS) is a community and affordable housing provider, dedicated to making a difference to people across Victoria through housing, support, and community connection.
The site has been owned by HHS since 2009 as 30 x 1 bedroom apartments. In 2018, redevelopment of this asset commenced to provide 22 Specialist Disability Accommodation (SDA) apartments for people living with a profound disability. Unfortunately, the redevelopment of the site stalled in 2020 when the appointed builder went into liquidation.
“Haven Home Safe is dedicated to contributing specialist accommodation into the metro Melbourne area, but unfortunately, the redevelopment of our Glenlyon Road property is no longer viable for the organisation. The rise in construction costs since 2020 has impacted our ability to deliver this site,” said Trudi Ray, Haven Home Safe CEO.
The property is approved for 22 SDA residential apartments, of which construction has reached the lock-up stage.
“This site provides developers, investors, and SDA operators with certainty. There is an opportunity to fulfil the permit and deliver the SDA apartments. Buyers could also take an alternative route and look to a range of other boutique residential uses,” said Philip Heberling of Colliers.
Fitzroy North is widely considered one of Melbourne’s best inner-city suburbs, popular with renters and homeowners alike. This desirability now sees the median house price for Fitzroy North at $1,717,500*.
Fitzroy North’s enduring appeal presents strong and consistent capital growth, high rental yields, and a cool urban lifestyle providing long-term value and lifestyle convenience.
261 Glenlyon Road, Fitzroy North, is offered For Sale via Expressions of Interest closing Tuesday, 26th November 2024 2pm (AEDT).
* Source – realestate.com