Opportunity brews in Bayswater
Up Property 22 November, 2021
In another impressive demonstration of industry-leading acuity, Up Property has acquired 6 High Street, Bayswater. The site is located southwest of Mountain Highway, adjacent to the Mountain High Shopping Centre and recently upgraded Bayswater Station. Boasting a generous land area of 7,369m2 and a building area of 2,433m2, the property was purchased off-market with two long-term leases in place: one with an independent supermarket food retailer, the other with a butcher locally beloved as a Bayswater institution. Steered by the success of its portfolio and investment strategy to date, Up Property sees 6 High Street, Bayswater, as a land bank with cashflow for the near future—a long-term mixed-use development play.
An extension of Bayswater Shopping precinct—a major activity centre—Up Property’s latest acquisition is zoned Mixed-Use within the Knox City Planning Scheme. With the same foresight that paved the way for Up Property’s success in Geelong, and its continued success with Moorabbin’s Morris Moor, the developer sees its new acquisition as teeming with potential for well positioned, intelligent, large-scale development. Many of the pieces are already in place: town planning allows for a mixed-use large-scale development including commercial tenancies, apartments and townhouses. Flanked by a shopping centre, major supermarkets and three banks, the site is host to hundreds of daily visitors. Mountain Highway alone carries 37,000 vehicles past the site each day. On top of that, the refreshed Bayswater Station connects workers and locals to the CBD within 45 minutes; for those who prefer the bus, eight routes run through the station.
Up Property has been quick to strengthen relationships with 6 High Street’s existing tenants; so much so that the independent supermarket has already signed an additional lease at Up Property’s 107 High Street, Belmont.
An exciting leap forward for the sharp-eyed developer, 6 High Street, Bayswater, is a strategic gem—a well-positioned site geared for growth and community enrichment. Every figure, insight and observation points to one firm conclusion: Up Property’s newest venture is brimming with potential for a future-focused, mixed-use precinct that will serve as the heart of outer eastern Melbourne.