Double delight sales in Hughesdale and Murrumbeena

AN OUTSTANDING retail/office with unrivalled exposure and an approved development site have sold for a combined $2,432,000 in two separate deals in Melbourne.

8 Murrumbeena Road in Murrumbeena sold privately for $1,620,000 and 51 Warrigal Road sold for $812,000 in Hughesdale after post-auction negotiations.

Both deals were successfully marketed and completed by Ray White Commercial Oakleigh Senior Commercial/Industrial Sales and Leasing Consultant George Kelepouris.

Mr Kelepouris said 8 Murrumbeena Road came with 819sq m* land and was zoned General Residential 1 (GRZ1).

“It’s rare to have such a quality development opportunity become available and this one already had approved plans and permits for a mixed-use development in place,” Mr Kelepouris said.

“The approvals, valid until 2021, allowed for six permitted medical suites, 12 car spaces for medical and three three-bedroom, two-bathroom and two-garage town houses.

“The site offered a great chance to acquire an investment with multi-tenancy potential and was within walking distance of bustling Dandenong Road and Chadstone shopping centre.”

Mr Kelepouris said 51 Warrigal Road featured a high-quality retail/office plus three-bedroom residence on the outskirts of the Oakleigh Village shopping strip.

“Having recently undergone a major transformation internally with no expense spared, this ground floor office was offering a modern open-plan design, plus first-floor three-bedroom residence, making it perfect for those looking for a low-maintenance style of living,” he said.

“This freehold building was positioned among a tightly-held retail precinct that’s about to experience substantial growth due to a number of highly anticipated developments currently under construction and in the process of planning.”

*Approximately.