Developers of a suburban office building in Clayton have sold their vacant site for $11.25m.
The 2,700sqm site at 99-121 Carinish Road was approved for a 9 level (plus basement) mixed use development including townhouses, retail, childcare and office space.
The Developer, Ousan Group previously lodged plans for the site in 2017 ending in an appeal to Victorian Civil and Administrative Tribunal (VCAT) for deemed refusal as Monash Council did not respond with in the 60 day timeframe.
Ahead of the hearing, Ousan lodged amended plans for VCAT to consider as part of its decision making. The biggest change proposed in the amended plans was the removal of the supermarket tenancy from the ground floor and a reduction in the overall height from 10 storeys to nine.
VCAT Approval was granted in September 2017, however the Developer has not been able to commence work on the scheme.
The site sits opposite the Clayton Railway Station and near to the Monash Hospital and Monash University.
Ousan is a diversified property group who claim to hold $3bill in property under management. Other projects in their portfolio include 140 ha of land in Beveridge, a 106 apartment project in Bellenden, Greenwood Business Park and Ousan Plaza.
The purchaser of the Clayton site is likely to re-visit the approved scheme in order to secure a more efficient development proposal.
The property was sold in late December via an on market campaign by Gross Waddell.
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