Ringwood shops on Maroondah Highway to sell for more than $4 million

DEVELOPERS have been given another juicy opportunity in the heart of Ringwood with a small set of shops up for sale.

DEVELOPERS have been given another juicy opportunity in the heart of Ringwood with a small set of shops up for sale.

Colliers International are taking expressions of interest for the sale of 229-231 Maroondah Hwy.

The 890sq m site contains five retail spaces and is a short walk from Eastland and Ringwood train station.

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It is also next door to the 10-storey 233 East retail and apartment complex, currently under construction.

The site has an eight storey height limit, similar to a ‘medium’ scale development in Maroondah Council’s draft Ringwood Metropolitan Activity Centre masterplan.

A 890sq m site of shops at 229-231 Maroondah Highway in Ringwood is up for sale. Picture: KIEL EGGING

Colliers International associate director Andrew Ryan said the agency expected to sell the site for more than $4 million.

Mr Ryan said he had already received multiple expressions of interest from local and international developers, keen to turn it into a mixed-use site with shops and apartments.

“It’s definitely a unique opportunity that will be hard to come by again,” he said.

Mr Ryan said the existing tenants had leases at the site until 2020.

He said Colliers International expected to finalise the sale of the site shortly after expressions of interest close on November 15.

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