Melbourne, 16 February 2014 – A prominent corner development site within the Ascot Vale activity precinct and abutting Melbourne Showgrounds is being offered for sale for the first time in 60 years.
The 1,775 square metre site at 1-15 Union Road features dual street frontage and rear lane access. The property, which is zoned Mixed Use, holds significant development potential for commercial and residential outcomes.
CBRE’s Josh Rutman, Mark Wizel and Jamus Campbell have been appointed to sell the property on behalf of the vendor.
Mr Rutman said the site presented an opportunity to deliver a residential product into a severely undersupplied market, which had become highly desirable due to its proximity to all sources of amenity and the CBD.
“Rarely do opportunities such as this present themselves to the market, where there is potential to undertake a significant residential and commercial development just 5.5 kilometres from the Melbourne CBD,” Mr Rutman said.
The property is surrounded by some of Melbourne’s most iconic landmarks such as Flemington Race Course and Melbourne Showgrounds, as well as shopping and transport hubs including train and tram networks, and the Union Road and Puckle Street retail strips.
“This is an exciting opportunity to develop a gateway site in one of inner Melbourne’s most exciting emerging localities that has very little competition in the immediate area,” Mr Campbell explained.
