A block of three 1960s units in Altona’s Pier Street is being sold for the first time as one lot and is expected to reap a windfall for the family who owns them.
The three two-bedders at 123 Pier Street, built by the late Paul Said, are being sold as one title by an expressions of interest campaign closing October 16.
They are the last original units in Pier Street built by the vendor’s family.
Selling agent Rick Massese of P. Di Natale at Werribee, said there had been strong interest in the block, which has the potential to become a six-storey commercial and residential building.
“They belong to a local family. The father built those units many years ago and now both sets of parents are no longer with us and the three kids have inherited the property … they are looking at placing it on the market,” he said.
“The property will be sold in the current condition as it is.
“It’s not being sold with plans or permits …it’s being sold as a three-unit site in the heart of Pier Street that’s got enormous residual value.”
Mr Massese said the site, between Finnish Hall and Pier Street Medical Centre, could be rezoned for higher-density development with commercial on the ground floor.
“If you look at the main street now, it could be specialty, it could be consulting rooms, it could be food and beverage … obviously anything of a commercial nature would suit,” he said.
“Given the location of the property and given the transformation that Altona has had in the past five to six years, just given the development in Pier Street, it’s basically an opportunity that you probably won’t find in the future anymore, maximised to take in the beach, cafe dining and you’re only 15 minutes from the Melbourne CBD.”
