An aerial view of the main commercial site being offered at auction, in the middle of Inverloch, providing a good indication of the potential.
THE most important parcel of land, to be put up for sale in Inverloch since Pine Lodge, is set to go to auction on Saturday, November 1 at 12 noon.
And its location, right at the intersection of a’Beckett and Williams streets, in the heart of town, plus its size at a combined total of almost 3000m2, is what makes it so attractive, so important and so valuable.
Selling agents at LJ Hooker Inverloch, Allan Mann and Scott Hughes, are both excited about the auction’s potential and its future development potential.
“What’s it worth? That’s for the market to say and why we are putting it to auction,” said Allan Mann this week.
“The vendors will not be providing a price guide before auction which is fair enough because it’s all about what a prospective buyer wants to do with it.
“It could potentially be the new face of the town, the key to how Inverloch looks in the future,” said Scott Hughes.
The parcel of land will be sold in two lots; the ‘strategic corner site’ of 2360m2 with a zoning of ‘Mixed Use’ at 12 noon and a separate but adjoining allotment, zoned ‘Residential’ in Hopetoun Street of 607m2, at 12.30pm.
Clearly for the land to be combined into the one development, the site in Hopetoun Street would need to be rezoned to a commercial use, but investors would have a compelling argument with the right project.
“The size of the parcel of land and its central location, with frontages to three streets is what makes it a once in a lifetime opportunity and why we are getting strong interest in it already,” said Mr Mann.
“It’s quite amazing to think that a largely undeveloped piece of land still exists right in the centre of town.”
Presently the site is occupied by a number of commercial premises fronting Williams Street, as well as a three bedroom home on The Esplanade side, and Mr Mann can see those buildings, and businesses, remaining in place until the new owners decide what they want to do.
“There’s unlimited opportunity for what might be developed here but you’d have to say it would have a major retail component, although with the potential for views of the inlet as well, it could also include accommodation.
“You’d hope to see a development that could really lift the level of service and amenity to the town while also enhancing its appeal,” Mr Hughes said.
“We’re proud of the town’s coastal heritage and there’s the opportunity here to make a big statement about the future of Inverloch and its retail area.
“Pine Lodge was an iconic property that attracted a lot of interest when it was sold but in many ways this is even more important.”
Mr Hughes said the main commercial site had the added advantage of already being subdivided into four allotments, further enhancing its value and potential.
The sale of the site, at auction on Saturday, November 1, is set to be the centrepiece of a very busy start to the property selling season in Inverloch which traditionally kicks strongly into gear on Melbourne Cup Weekend.