Forest Hill Development Site Sold for $2.5 Million
A commercially zoned corner allotment with development potential (STCA) at Forest Hill in Melbourne’s east has been sold by Ray White Commercial for $2.5 million.
The vacant approximately 728 sqm property at 342-348 Springvale Road, Forest Hill, was sold to a national developer by Brett Diston of Ray White Commercial Vic-Nunawading on behalf of a private owner.
Brett Diston said the block is zoned ‘Commercial 1’ and prominently located on one of the busiest intersections in Melbourne’s eastern suburbs.
“This allotment is on the corner of Springvale and Canterbury roads with more than 50,000 cars passing every day,” he said.
“This was an outstanding opportunity to develop this prized piece of Commercial 1 zoned real estate. The site currently offers holding income but it is suitable for a variety of uses, subject to approval.
“The site is within a short distance of Forest Hill Chase and major Forest Hill residential developments.”
Brett Diston said the buyer had plans to develop the site into a purpose-built office facility to capture the passing traffic.