An aerial view of the main commercial site being offered at auction, in the middle of Inverloch, provides a good indication of the location and potential.
SOME people will be headed to Flemington on Saturday, November 1 for the start of the Spring Racing Carnival but the astute investors will be in the main street of Inverloch at 12 noon on ‘Derby Day’.
They’ll be there to see what transpires with the auction of a key piece of commercial real estate, located at 2-4 Williams Street, right in the middle of town.
And the bustling crowd that is always a feature of Melbourne Cup Weekend in Inverloch can only serve to encourage those with belief in the future potential of the town that now is the time to buy.
What’s on offer is a parcel of commercial land, 2360m2 in size, but when an adjoining residential block is added, the development site measures the best part of 3000m2, and subject to council approval, almost anything is possible.
The selling agents at LJ Hooker Inverloch, situated just across the way at 6 Williams Street, need no convincing about the importance of the location or its potential.
“The auction has been widely promoted and the property is creating considerable interest which is to be expected when you consider how rare an opportunity this is,” said Scott Hughes of LJ Hooker.
The property 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,” said Mr Hughes.
“It’s quite amazing to think that a largely un-
developed 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 Scott’s colleague, Allan 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,” Mr Mann said.
“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,” said Mr Hughes.
“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.
“A couple of other iconic Inverloch sites have been sold in recent years but in many ways this is the most 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 auction will be conducted on site at 12 noon, on Saturday, November 1 and if you are the lucky purchaser, you should still be able to make it to Flemington for the running of the Victoria Derby at 3pm… they might even shout you the cost of a helicopter ride if the price is right!