Knox City Council Assets Going Under The Hammer At Portfolio Auction

Posted on 26th March 2024

Knox City Council is offering three excellent Melbourne development opportunities to the market, through the Knox City Council Portfolio Auction to be held by Fitzroys.

Fitzroys’ Shane Mills and Lewis Waddell are managing the campaign that will see 10 Tamara Street, Wantirna South; 4 Coorie Avenue, Bayswater; 73-75 Eildon Parade, Rowville offered for sale. The Knox City Council Portfolio Auction will take place on Friday, 19 April at 11am at the Knox Community Arts Centre, 790 Mountain Highway, Bayswater.

Council has deemed the properties as surplus to requirements, with each to be offered with vacant possession. The services provided by the former childcare and family centres on the respective properties have in recent years all been relocated to nearby alternative sites.

Mills said each of the properties are zoned Neighbourhood Residential, allowing for a broad range of residential outcomes including low, medium and high-density housing at a time of very low housing stock amid surging population growth.

“Melbourne’s population is growing very quickly and there is a clear mismatch between demand and supply in the market at the moment,” he said.

“Melbourne locations that are highly accessible and located close to quality lifestyle and hospitality amenity are in particularly high demand at a time of flexible work arrangements.”

“The interest rate environment has stabilised and we expect more confidence from the development market over the course of 2024.”

Waddell said the existing facilities also present opportunities for owner-occupiers.

“These facilities have been utilised successfully for early learning and pre-school purposes in the past and provide an excellent base to be revitalised to full use.”

The 10 Tamara Street, Wantirna South property spans 2,883sqm with over 33m of frontage to Tamara Street and currently has 11 onsite car parks.

It is expected to sell for $3.4 million-plus.

The property is just moments from High St Road, in proximity to Knox Westfield with major tenants Coles, Woolworths, Aldi, Chemist Warehouse, Boost, Rebel Sport, Kmart and Telstra, and close to well-recognised education institutions including Wantirna South Early Learning Centre, Wantirna South Primary School and The Knox School, and located close to EastLink, providing easy access to Melbourne CBD and the Mornington Peninsula.

“Properties of this size with Neighbourhood Residential zoning and located to such great lifestyle and hospitality amenity, as well as education facilities, are very rarely offered to the market,” Waddell said.

The 4 Coorie Avenue, Bayswater property is on a valuable landholding of 1,137sqm with over 17m of frontage to Coorie Avenue.

“This is a particularly tightly-held precinct surrounded by multiple residential apartment townhouse developments,” Mills said.

The central neighbourhood location is surrounded by retail and lifestyle amenity with easy access to Mountain High Shopping Centre, which is anchored by major tenants Coles, Woolworths, Aldi, 7-Eleven, Vinnies and Anytime Fitness. It is also near educational institutions including Bayswater Childcare and Kinder, Bayswater Primary School and Fairhills High School.

Excellent public transport services available with Bayswater train station within walking distance and bus services metres away on Scoresby Road.

Expectations are of $1.3 million-plus.

“Knox City Council’s population is forecast to increase by around 18% by 2046, with Wantirna South and Bayswater to lead the growth,” Waddell said.

Around $1.4 million-plus is expected for the 1,276sqm site at 73-75 Eildon Parade, Rowville, which has a huge corner frontage to Eildon Parade and Metcalf Crescent, and adjoins leafy Eildon Park.

The site is positioned in a tightly held precinct just minutes from the EastLink freeway,, and is in proximity to Stud Park Shopping Centre with major tenants Coles, Woolworths, Kmart, ANZ and Westpac.

Close-by well-recognised education institutions include Parkridge Primary School, Aurora Early Education Rowville and Rowville Secondary College.

“This site offers the best of so many worlds - leafy Eildon Park is an immediate neighbour and offers excellent recreation opportunities, Stud Park Shopping Centre is nearby, and EastLink’s close proximity means the Melbourne CBD and the Mornington Peninsula are within easy access,” Mills said.