An Australian-based developer has snapped up a permitted development site on Canterbury Road, in Surrey Hills, shelling out $9.4 million.
The 2553-square-metre site at 352-358 Canterbury Road is a strip of houses between Union and Norfolk roads, which are leased to a string of different tenants, including a vet practice.
Colliers International agents Hamish Burgess, Bryson Cameron and Ben Baines ran the expressions-of-interest campaign, which attracted 150 inquiries and six bids.
Mr Burgess said the buyer, an Australian-based Chinese developer, was undecided about sticking with the site's current permit which allows for 17 townhouses, 12 apartments and five shops in a Commercial 1 zone allowing for three levels.
"We also received interest from parties looking to value-add and increase the density on the site," he said.
While the Canterbury Road site is on a major thoroughfare, it has frontage to Surrey Park at the rear of No.352 and is close to Surrey Hills railway station and the shopping village.