photo: 290 294 Punt Rd South Yarra
One of the last significant development parcels in South Yarra is up for sale, presenting an enticing prospect for developers with a keen eye for lucrative ventures.
Strategically located at the intersection of Argo Street and Punt Road, 290-294 Punt Road, South Yarra boasts an impressive 78 metres of dual street frontage, offering unparalleled visibility and access. With a land area spanning 1,525sqm* and high-profile corner position, this site presents ample space and exposure for projects tailored to meet the demands of Melbourne's thriving landscape.
What sets this development site apart is its prime location within South Yarra - a suburb renowned for its affluent demographic, vibrant culture, and robust economic activity. Situated on the desirable home side of Punt Road, the site offers direct access to a plethora of amenities, including parks, schools, a thriving medical precinct, dining establishments, and transportation hubs.
For sale through Karim Ford, Hamish Burgess, George Davies and Daniel Wolman of Cushman & Wakefield, the versatility of this site is a key selling point for discerning developers.
Hamish Burgess said
“From childcare facilities to medical centres, quick-service restaurants to luxury residences, the opportunity opens the door to a wide range of development possibilities, each with the potential to capitalise on the area's strong market demand.”
Karim Ford said
“With the benefit of a development proposal for a state-of-the-art childcare centre—the property is poised to align with the Alfred Medical Precinct and its potential to cater to the needs of the local community.”
Underpinning this opportunity are the robust market fundamentals of South Yarra. According to data from the REIV, with its proximity to Melbourne's central business district, high median sale prices, and anticipated population growth, the suburb presents a compelling case for commercial real estate investment.
South Yarra, positioned 5.5 km* from Melbourne's CBD, boasts a median sale price of $2.39 million** and anticipates a population surge of 22.91% between 2024 and 2036. With a $5 billion* mixed-use development pipeline underway, the suburb promises significant growth potential for savvy investors.
290-294 Punt Road, South Yarra, represents a rare opportunity to secure a foothold in one of Melbourne's most coveted commercial precincts.
The deadline for submissions is Thursday, April 4th, 2024, at 12:00 PM (AEDT).
*Approx / #STPA
**Source: REIV December Quarter 2023
