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Overview
This property represents one of the last major Commercial 1 Zone (C1Z) development opportunities in Mount Waverley. It is a rare income-producing landholding with significant future potential, located in the tightly held Syndal precinct just 200 metres from Syndal Station. The site is an island parcel of approximately 860 square metres, presenting an exceptional balance of current income generation and future redevelopment prospects.
The landholding currently benefits from multiple leased suites generating a gross income of approximately $141,599 per annum. All leases include demolition clauses, which provide the incoming purchaser with income security while maintaining flexibility for redevelopment when desired. This flexibility is crucial for investors or developers seeking to capitalize on the prospective value uplift in this strategically located precinct.
Key highlights of the property include its prime land area of 860 square metres situated on an island site, and the advantageous Commercial 1 Zone (C1Z) classification. This zoning supports a diverse range of uses, including retail, medical, office, mixed-use developments, or residential apartments, subject to council approval (STCA). Preliminary concept plans suggest the potential for a mixed-use development comprising 24 to 30 apartments along with café or retail spaces, envisaged as a five-storey structure with an explored option for a sixth floor.
Strategically positioned with prominent Blackburn Road frontage, the property is highly accessible and enjoys excellent connectivity. It is within close proximity to key transport nodes, including Syndal Station, as well as important commercial and educational amenities such as High Street Road, The Glen Shopping Centre, Wesley College, and Monash University Clayton campus. The absence of restrictive overlays provides a clean plan for redevelopment, enhancing the site's appeal to developers.
The opportunity is attractive to a variety of buyer types. Developers can take advantage of the mid-scale apartment or mixed-use development potential, supported by transport connectivity and favorable planning provisions encouraging higher density around station precincts. Medical and health operators can benefit from significant exposure for establishing multi-practitioner centres or specialist hubs, leveraging the area's accessibility and demand. Private investors and land bankers will find this a rare C1Z holding with stable income and significant long-term growth prospects.
In summary, 251 Blackburn Road is a unique offering that combines a secure income stream with the flexibility for substantial future redevelopment. It stands as one of the final large-scale C1Z properties in the Mount Waverley area, making it an exceptional opportunity for those seeking income today with redevelopment possibilities tomorrow.
Disclaimer: All income figures provided are estimates based on information supplied by the vendor and current leasing arrangements. They are indicative and do not constitute a guarantee or warranty of future income. Interested parties should undertake their own due diligence, inspections, and enquiries before making any offers. All plans and uses are subject to council approval (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.
Location
Mount Waverley VIC 3149
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.
