426 – 430 Canterbury Rd: old car wash makes way for $20m development in Surrey Hills
A boarded up old car wash is set to be transformed into a bustling five-level apartment building thanks to a $20m development at one of the “best corner spots” in Surrey Hills.
Inner East
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A boarded up former car wash site on a busy corner of a blue chip suburb is set to be turned into a $20m apartment complex.
The corner spot on Canterbury and Warrigal roads heralded as “one of the best corner allotments in Surrey Hills” could be home to a 72-serviced apartment development, injecting more than $20m into the site.
Listed online for expressions of interest, 426 – 430 Canterbury Rd has already been permit approved for a five-level project, adding 72 serviced apartments and underground carparking spots to the leafy eastern suburb.
Lead agent from BBG Business Brokers Group Steven Hong said the development would cost “at least $20m”.
“We are selling the site with permits already in place,” he said.
“There is potential for it to be run as serviced apartments or even as a small hotel.”
The approved permit predicts the 1139sq m land holding to be transformed into a bustling apartment complex, complete with a cafe at the base.
In prime position – just walking distance from the Union Rd shops – the property has already drawn interest from a wide audience according to Mr Hong.
“There are a few parties interested at the moment,” he said.
“We have fielded individual developers and group funds who are interested in the property.”
Expressions of interest remain open, looking to collect a pretty penny as the Surrey Hills median apartment price reached $956,500 in the last financial year.
You can find out more information about the development here.
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