20 Nov 2019
A PRIME in-fill site with planning approval for a rare four-storey development has hit the market in central Torquay.
Two shopfronts and 10 residential apartments are part of the approved permit that would reshape the streetscape at 3 Zeally Bay Rd.
The 809sq m commercially zoned site is within the town centre, opposite Taylor Park and just a few doors down from the foreshore.
Darcy Jarman, Geelong agent Tim Darcy is seeking expressions of interest by December 5, with the price tipped to be around the low $2 million range.
Mr Darcy said planning approval for a four-storey development was almost unheard of in Torquay and offered developers a walk-up start.
He said the proponents had secured the fourth level through VCAT after the Surf Coast Shire originally approved a three-level building on the site.
“It’s a quite unique DA (development approval) because in Torquay historically there has been nothing over two or three levels,” he said.
“There are very few existing, maybe one or two, properties that are four levels.”
The approved plans include eight three-bedroom apartments and two four-bedroom penthouse apartments sitting above two retail spaces, plus carparking.
The two larger apartments would have ocean views and the others a park aspect.
Mr Darcy said the property appealed to both developers looking to run with the plans and those seeking a premium home site in old Torquay.
“The first thing is the geographic location. It’s very much in a pivotal and central part of old Torquay, the part of Torquay that’s pretty sought
after,” he said. “The second part of it is the current DA.
“It presents an opportunity for those that are looking to buy a premium parcel of plan with a DA in place and the ability for some commercial
space and there are eight three-bedroom apartments and two four-bedroom apartments that you can build.”
Only two apartments remain in the neighbouring Zeally One development under construction next door at 1 Zeally Bay Rd.
The three-level building offers a mix of one, two and three-bedroom apartments and ground floor office suites.