A development site with planning approval for three apartment blocks comprising 47 dwellings is for sale in Pier Street, Altona.
The cleared former Aero Wash n Fuel service station site at 102-106 Pier Street is being sold by Expression of Interest.
Selling agent, Gross Waddell partner Michael Gross said a price range of $4-plus million was being quoted.
“What’s on offer is a cleared site that has been decontaminated as well, so there’s no environmental issues either,” he said.
“The guy that’s selling it had got three separate permits, so it gives the new owner the opportunity to either stage the development – build one block, then the second, then the third – or to do it all at once.”
The 2110-square-metre site has a 45-metre frontage to Pier Street.
Originally, three five-storey buildings were planned for the site but one building was reduced to four storeys.
Mr Gross said the site presented a rare opportunity.
“Altona’s becoming more and more gentrified, housing prices are escalating and the whole Pier Street strip’s becoming more and more cafe culture,” he said.
“So, it really is quite rare to be able to get an opportunity that’s in the centre of town.”
Expressions of Interest close on April 29.
Across the road, 103 Pier Street was last Thursday passed in at auction for $2.5 million.
The site comprising a single-storey weatherboard house is being sold as a deceased estate development opportunity.
The auction opened with a vendor’s bid of $2.4 million, with a prospective buyer following on with a $2.5 million bid before the property was passed in.
