Prime site fetches almost $3 million

A prime site in central Dandenong has sold for $2.97 million.
Fitzroys sold the 710 square metre block at 260-264 Lonsdale Street at auction with vacant possession to a private investor who will refurbish and re-lease the property.
It includes a three-level 1650 square metre building with 22-metre frontage to both Lonsdale Street and Boyd Lane. It backs onto Palm Plaza.
Fitzroys’ Adam Lester said the property attracted more than 60 inquiries during the campaign and multiple bidders at auction.
“The site has a Comprehensive Development zoning and has a high-profile presence within Dandenong’s city centre, which is quickly re-establishing itself as the capital of Melbourne’s growing South East region,” he said.
“The strong inquiry and result demonstrate the confidence investors have in the growth prospects of Dandenong and Melbourne’s South East, which is benefiting from sustained high levels of population growth and government investment.
“The State Government’s investment of $290 million into Revitalising Central Dandenong has seen the recent completion of the $20 million transformation of Lonsdale Street, which will deliver an exciting and user friendly boulevard through the heart of the CBD, supporting the new council office and public library development and many other drawcards along the strip.”