Cranbourne cash cow

The 1834 square metre site attracted substantial buyer interest.Picture: CONTRIBUTED

A substantial site in booming Cranbourne has sold for $3.35 million after attracting strong interest from a broad market of investors, owner occupiers and developers.
The 1834 square metre site at 132-132A High Street, which sold on Thursday 30 November is considered a prime position as it sits opposite Cranbourne Park Shopping Centre.
Fitzroy’s agents James Lockwood and Chris Kombi handled the auction campaign, in conjunction with David Kalb and Keith Kooloos of Savills, on behalf of a private investor.
Mr Lockwood said the winning local buyer intended to occupy the property and value-add in the future.
“The property’s zoning, extensive 33-metre frontage and excellent location within one of the country’s strongest growth corridors attracted strong inquiry throughout the campaign,” he said.
Mr Kalb said Cranbourne Park Shopping Centre was anchored by Coles, Woolworths, Kmart, Target, Harris Scarfe and JB Hi-Fi, and provided a ready-made drawcard to the immediate area, offering further exposure to any businesses that would operate from the site.
“Investors and owner occupiers understood the long-term security and future prospects offered by a property centrally located in a retail trading area, within a suburb undergoing massive population growth,” he said.
“The site’s zoning offered a potential height allowance of 17.5 metres, which also attracted developers in big numbers.”
Existing improvements on the site include a part two-level building of 1277 square metres comprising three adjoining retail spaces and showrooms.

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