Heidelberg site to deliver jobs growth, agent says

A rare development site for sale in Heidelberg is tipped to bring more jobs to the area.

The property at 104-120 Mount St, on the market for more than $10.5 million, includes a 2376sqm block with a 71m frontage and planning permits.

Colliers International’s Hamish Burgess says the site in the heart of the suburb will generate employment when developed.

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“The site in its current form is under-utilised given its location within the activity centre,” he says.

“A development is likely to bring further jobs to the local area.”

104-120 Mount St, Heidelberg includes planning permits for an eight-storey building with apartments, retail outlets, a restaurant and office.

The property comes with permits for an eight-level building to accommodate 120 apartments, five shops, a restaurant and an office.

The site is located opposite the train station and within a short walk of Burgundy St retail strip, Leo’s Supermarket, cafes, restaurants and Warringal Shopping Centre with Coles and Aldi supermarkets.

Also nearby is the renowned medical precinct that includes the Austin Hospital, Mercy Hospital for Women, Olivia Newton-John Wellness & Research Centre, and the Warringal Private Hospital.

Burgess says the property is a rare find and is attracting strong interest.

“Permitted development sites within activity centres and opposite a train station don’t come up very often,” he says.

The property is in a central location.

Residential and commercial developers, along with users who have an associated interest with the nearby medical precinct, were eyeing the site.

“This property generated an above average level of inquiry within a week of the marketing campaign,” Burgess sa.

Inquiry was coming from local, interstate and offshore buyers, predominantly from Asia.

The site includes a double-storey office building rented on a short-term basis.

The site currently includes a tenanted office building.

Colliers International’s Joe Kairouz says the property could also be retained as an investment.

“However, the building would have to be improved to attract long-term tenants,” he says.

Burgess says there has been a number of hugely successful projects of this kind in the area.

“This is evidence of a strong underlying demand for this type of development,” he says.

This article from Leader Newspapers originally appeared as “Heidelberg multimillion-dollar site to create more jobs”.