07 Mar Highton project is shovel ready
A HIGHTON development site with permits for a 22-apartment project offers an opportunity for a buyer to cash in on the potential of a key urban growth zone.
The 1500sq m property at 22-24 Barrabool Rd is scheduled for auction on March 17. Price hopes are more than $1.4 million.
Darcy Jarman, Geelong West agent Tim Darcy said the site was being sold as a vacant property with an attached planning permit, but buyers didn’t have to follow through with the original vision.
The site was home to Urban Primo, an apartment project from Glengarry Developments that was being marketed to homebuyers from 2015 but has since been shelved.
The houses on the property were demolished in January, 2016.
“There is about 1500sq m of land comprised within two conventional land titles included within a Residential Growth Zone,” Mr Darcy said.
“There is a DA in play for 22 aparments. It’s a product suited to a developer where they could adopt the existing plan and look to develop it as it is, with all the documentation and working drawings, or you could adopt your own vision for what you might want to do over the site.”
Mr Darcy said the permit had a start clause of October this year with a sunset clause ending in 2020.
“Council wants to see parcels within that zone developed for medium density, so there’s probably good scope to get an extension needed, but that only applies to the existing DA,” he said.
Mr Darcy said the position offered advantages for developers.
“Highton is a very popular suburb and a demographic stonghold. It’s a flat parcel of land, it sits right on the doorstep of the Highton shopping village and the Barwon River,” he said.