‘Whopping’ Fulham Gardens landholding offering prospective buyers rare opportunity – realestate.com.au

News Corp Australia Network

452 – 470 Grange Rd, Fulham Gardens. Picture: realestate.com.au

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A “whopping” landholding in Fulham Gardens earmarked for more than 20 new townhouses and just 2km from the beach has hit the market, offering prospective buyers a rare opportunity.

The unusual property at 452 to 470 Grange Rd spans 6549sq m and comes with planning approval to build up to 26 three and four-bedroom residences.

Selling agent Anthony Fahey, of Ray White Henley Beach, said the vendors purchased the huge site in May 2022 with the intention of redeveloping it.

452 – 470 Grange Rd, Fulham Gardens. Picture: realestate.com.au

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452 – 470 Grange Rd, Fulham Gardens. Picture: realestate.com.au

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However, a change in market conditions over the past year has forced them to sell it.

Mr Fahey said they had already started demolishing the existing residences to make way for new ones to be built.

“They have got approval for 26 residences to be built there – all the homework has been done,” said Mr Fahey, who is selling the property with Samuel Parsons.

“Originally it had 10 units that were all income producing.”

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Mr Fahey said the family who owned the units before the current vendors lived in a neighbouring house.

They owned the land for more than 74 years, building the house first then adding the units on the remaining vacant land.

Mr Fahey said his agency later secured a second neighbouring house, on the opposite side of the properties, to add further value to the site.

452 – 470 Grange Rd, Fulham Gardens. Picture: realestate.com.au

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“There are three properties involved in the whole site now,” he said.

“We don’t see it often, it’s certainly a rare listing.”

“Because it has the access off Grange Rd, that adds a lot of value too.”

When the two properties at 454-470 Grange Rd hit the market in October 2020, Mr Fahey said its “whopping land size” and proximity to the beach and city also made it unique.

Three years later, Mr Fahey said there had been strong developer interest in the much bigger site since it hit the market less than a week ago.

Prospective buyers are being offered the approved site plan and floorplans on request.

The site is due to be auctioned at 11am on February 22.