Mount Waverley, Victoria 3149

Auction
Property Details

Mount Waverley, Victoria 3149

Auction
Land/Development
Description

Refurbish/Redevelop/Re-Let

Land/Development - Mount Waverley Victoria


This is an opportunity for an experienced investor/property developer or a large corporate organisation looking to secure this rare 4.2Acres/1.7ha of land in the heart of Mount Waverley.

Located just eighteen kilometres from Melbourne’s Central Business District. The site is adjacent to the Monash Freeway, with other major access routes including the Princess Highway, and Eastlink close by.

The land area of approx 4.2 acres is complemented by a single floor plate building of approximately 7200 m2 previously used as office space. In additional, the site also has 2,841 m² of undercroft, which is ideal use as a low-­‐level distribution centre, provide workstation expansion or additional car parking.

The site is ideal for someone looking to encourage the integrated development of offices with the potential of future residential use subject to MPA .

Preliminary Details
Site 68 Ricketts Road, Mount Waverley
Municipality City of Monash
Approx 1.7ha
Planning Scheme Requirements
Zone Special Use Zone – Schedule 6

  • A wide variety of uses are as of right (no permit required).
  • Industry/Warehouse as of right if not a use with adverse amenity potential. All buildings and works require a permit.
  • Accommodation (residential) is prohibited.
  • Office use allows 1,800sqm of total floor area before a permit is required.

Plan Melbourne – The Metropolitan Planning Strategy nominates the site and surrounding areas as the Monash National Employment Cluster. Plan Melbourne identifies this Employment Cluster as suitable to accommodate future residential development in addition to employment. The Melbourne Planning Authority (MPA) plans to undertake a Rapid Planning Assessment (RPA) of the Cluster to assess what changes are required to the planning scheme to deliver the Cluster, including residential development. Timing of RPA is undefined.

Overlay(s) Design and Development Overlay – Schedule 1

  • Nominates a 7m maximum building height (which can be varied)
  • Nominates a 10.6m from setback from Ricketts Street (which can be varied).
LPPF Clause 21.07 – Business Parks and Technology

  • Nominates the subject site as within the Monash Technology Precinct.
  • Encourages national/international headquarters of organisations, technology-based industry, etc. in the precinct.
Potential Development
Design Parameters
  • Existing zone and overlay essentially allow for various industrial and commercial uses.
  • Strong policy support for major business tenant on site will allow flexibility in design response to site in terms of height and setbacks
  • Implementation of Plan Melbourne and a subsequent RPA by the MPA may change and enhance possible uses on the site. Timing of this is undefined.
Potential Base Case
  • Industrial/commercial redevelopment generally within design requirements of planning scheme.
Potential Aggressive Case
  • Significant industrial/commercial redevelopment which exceeds design requirements of planning scheme;

or subject to a RPA by the Government,

  • Mixed use redevelopment including residential.

We recommend liaison with the MPA to monitor the RPA.

Property Features
  • Land/Development