A LARGE residential block with approved plans for an eight-dwelling development has been listed for sale in Highton.
The 1705sq m property at 45 South Valley Rd is scheduled to be auctioned on November 23 with price hopes of $11 million to $1.2 million.
Permits are in place for the medium-density development, which can replace the existing weatherboard house on the property.
Darcy Jarman, Geelong West selling agent Tim Darcy said the development approval allowed eight single and two storey, two and three-bedroom apartments on the property.
The block is close to Highton Village, schools and parks.
It won’t be the first of Highton’s original big blocks to be the target of developers, with Geelong builder Biscan Developments completing a complex of eight townhouses at 114 South Valley Rd.
“Given where it is and what it is with the DA in place, there is a pent-up level of demand for these smaller type amenities.” Mr Darcy said. “They’re a more convenient, low-maintenance way of living.
He said buyers could consider other developments for the site, including a medical or childcare centre.
“It’s on the doorstep of Highton shopping centre and it’s easy to get to Waurn Ponds shopping centre,” he said.
“‘It’s a pivotal spot for major amenities and a whole heap of other recreation.”
He said the vendor obtained permits for the development but decided not to proceed.
It is the second development site currently offered in the neighbourhood.
A 9410sq m property at 2 Morven Court occupies a general residential zone 2 and has price hopes of $3 million.