To those in the property know, the nondescript block is a pot of development gold sitting on one of the best development sites in Melbourne's north. Picture: RP Data.
AS far as property punts go it doesn't get much better, a $175,000 investment worth $8 million in a matter of years, without a cent spent on it.
A doctor stands to make almost a $1 million a year profit on the 0.3 hectare block of land he bought in Heidelberg - 11km from Melbourne's CBD - in 2004, if it sells for the expected price. On top of that, the GP banked $150,000 a year in rent from its use as a car park.
To those in the property know, the nondescript block is a pot of development gold sitting on one of the best development sites in Melbourne's north.
Look beyond a rocky outdoor car park and it's a prime block for units, or hospital redevelopment, surrounded by infrastructure and offering views across Melbourne, according to selling agent John Castran.
Mr Castran said the unusual site was literally created by mistake.
"It's an aberration that the block of land even exits. A realignment years ago of Bell and Burgundy Sts created the unusual site," Mr Castran said.
Dr Nick Sevdalis, a Fairfield GP, bought the car park at the top of Burgundy Street, Heidelberg trough his company, Summit Tower, for the bargain basement price.
The vendor was a company in liquidation called Pacific Heights Developments.
Mr Castran said the property at 443 Upper Heidelberg Road, which overlooks the Austin and Mercy hospitals, is ''one of the most significant vacant sites in Melbourne''. "Any development would have panoramic views, from Port Phillip Bay to the You Yangs, to the Yarra Valley".
"You just can't find prime vacant blocks of land like this in the area."
Advertisements inviting expressions of interest until April 30 claim it is ''Melbourne's highest and most strategic site'' that would suit high-rise apartments or mixed-use development.
It is list for $6.5 million but is expected to attract "somewhere up to $8 million", Mr Castran said.
The City of Banyule's planning scheme specifies a height limit of 28 metres for the site.
''Subject to town planning you could probably get up to close to 300 apartments on it,'' Mr Castran said.
''If that was the case, it might be worth somewhere between $6 million and $8 million."
Mr Castran said he had had several inquiries from the health and retirements sectors.
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