Abbotsford in developers’ sights as two Johnston St sites hit market
Inner-Melbourne development hotspot Abbotsford looks set for more significant construction, with two sites on either side of Johnston St launched onto the market simultaneously.
The more prominent of the sites at the corner of Johnston and Nicholson streets is well known to local residents and commuters, having been vacant for some time.
The other, almost across the road at 2 Rich St and 350-364 Johnston St, is an amalgamation of three sites that are currently home to both commercial and residential buildings.
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The two sites present as the latest opportunities along what has become a prime strip for developers, with a number of major residential buildings either recently completed or currently under construction. They include the Pace of Abbotsford development above the historic and architecturally significant St Crispin House at 247 Johnston St, which is slated for completion this year.
An artist’s impression of a potential development at the site at the corner of Johnston and Nicholson streets.
In the listing for the larger of the sites on Realcommercial, selling agent Jack Teneketzis from TCI Property Consultants says there are multiple options for the property, which comes with approved development permits for an office tower.
“You can take advantage of the existing permit and proceed with the approved office scheme, or wait for the imminent rezoning and capitalise on the added benefits with a mixed-use development scheme,” he says.
The site, which spans 1912sqm and has three street frontages, has expectations of around $11 million. It is for sale by negotiation and is being sold with vacant possession.
The other site, which measures 1558sqm and has a whopping 118 metres of street frontage, has Commercial 1 zoning that allows for building heights of up to 31 metres.
The site on Johnston and Rich streets could enjoy views over Victoria Park.
Marketed by Cam Zamora from Zamora Real Estate, the property is just metres from Victoria Park, with any potential development expected to enjoy views over the park precinct.
Zamora says buyers can also take advantage of an extended settlement period.
The site is the amalgamation of three neighbouring properties.
“With every great development site must come great terms, and attached to this opportunity is phenomenal settlement periods up to 18 months. Experienced developers take note, as you could potentially obtain a planning permit prior to settlement,” he says in the listing.
The site is for sale via expressions of interest, which close on August 26.
