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Overview
This rare Commercial 1 Zone (C1Z) landholding presents one of the last major development opportunities in the sought-after Syndal precinct of Mount Waverley. Located just 200 meters from Syndal Station and offering prominent frontage to Blackburn Road, this approximately 860 square meter island site is an outstanding prospect with substantial future potential.
The property currently features multiple suites generating a gross annual income of approximately $141,599, all of which contain demolition clauses. This ensures income security for the purchaser while providing full flexibility to commence redevelopment at their discretion.
Key attributes of the site include its strategic Commercial 1 Zone (C1Z) classification allowing flexible usage ranging from retail, medical centres, office spaces, mixed-use developments, and apartments, subject to council approval (STCA). Preliminary concept plans envision the potential for 24 to 30 apartments along with café or retail spaces, illustrating scope for a substantial five-storey development with exploration of a sixth floor.
The location further enhances the property's appeal. Its proximity to major arterials such as High Street Road, The Glen shopping centre, Wesley College, and Monash University Clayton campus, combined with excellent transport connectivity, positions it ideally for a variety of development opportunities.
This site lacks restrictive overlays, providing a clean planning profile that simplifies development considerations. The versatile zoning and location make it beneficial for a variety of buyers including developers seeking a mid-scale apartment or mixed-use project supported by the area's transport infrastructure and planning incentives for increased building height and density near transit precincts.
Medical and health operators will find this an excellent location offering significant exposure for a specialist hub or multi-practitioner medical centre. Private investors and land bankers will appreciate the unique opportunity to hold a secure, income-producing asset with substantial capital growth potential in one of Mount Waverley’s final large-scale C1Z sites.
Ultimately, 251 Blackburn Road exemplifies the ideal combination of current income generation and future redevelopment prospects, allowing the purchaser to benefit from cash flow today while strategically planning for substantial redevelopment in the future.
Disclaimer: All income figures are estimates provided based on vendor information and current lease assumptions. They do not constitute a warranty or representation of future earnings. Prospective purchasers should undertake their own enquiries, inspections, and due diligence before making any offer. All information is approximate and subject to council approvals (STCA).
Local Market Insights
In Mount Waverley, Quiet Listings observed 3 new commercial properties entering the market over the last 30 days, with an average advertised asking price of $2,183,333. The property type mix of listed properties is predominantly Houses at 58%, followed by townhouses (23%), and units (11%). Jellis Craig was the most active agency monitored, representing 28.8% of all new listings monitored during the last 30 days. These insights are based on agencies currently monitored by Quiet Listings and are updated as the local market changes.
While every effort is made to ensure the accuracy and completeness of the property information provided, no guarantee is given. Buyers should independently verify all details, inclusions, availability, pricing, and other relevant information directly with the listing agent before relying on this information.
Change History
| Headline | When |
|---|---|
| Contact Agent | |
| $3,000,000 - $3,300,000 |
Location
Mount Waverley VIC 3149
Measurements
| Type | Dimensions |
|---|---|
| Floor Area | 425 m² |
Market Insights for Mount Waverley VIC 3149
Other properties in this postcode
* Search brackets are a technical classification derived from unverified metadata set by the listing agent for search filtering. It is not an official price guide, a valuation, or a representation of the seller's reserve. This data is provided for search transparency purposes only.
