Armadale: Corner site on High St and Kooyong Rd sells for more than $8 million

It’s been home to sweet and sour pork, diesel and unleaded and stacks of newspapers. Now there’s big plans for this plum inner east corner site.

The site of the old Silky Apple restaurant in Armadale sold for $8.075 million, and is set to have apartments built on it. Picture: Google Street View.

An old Chinese restaurant at the gateway of an inner east shopping precinct is set be transformed into a multistorey apartment and office building.

Agencies Teska Carson and 11 North Property sold the former home of the Silky Apple restaurant at 969-975 High St, Armadale for $8.075 million after more than 200 inquiries.

The 707sq m site is home to a newsagent and near the suburb’s railway station.

Teska Carson agent Matthew Feld said the site sold for thousands of dollars more than expected and received six formal offers.

Mr Feld said the site was eventually purchased by a local developer “that knows Stonnington very well”.

“The outcome was better than expected and shows the market is still very strong for a well-located corner site,” he said.

Mr Feld said the site had a permit for a development of up to five storeys and was likely to include commercial space on the ground floor and apartments above.

He was confident the development would compliment the next door Alara residential project at 959 High St, which has a showroom nearby.

Alara is set to boast 18 luxury apartments and two ground floor shops over five levels.