1234-1240 Nepean Highway, Cheltenham, Vic 3192

Teska Carson is delighted to offer 1234-1240 Nepean Highway, Cheltenham as a Mortgagee Sale via Expressions of Interest closing on Thursday 12 November 2026 at 3pm.

A rare opportunity to acquire a substantial landholding in one of Melbourne's most sought-after bayside growth precincts. Situated within the highly desirable Cheltenham Activity Centre, the property offers significant development upside, flexible owner-occupier potential and valuable holding income opportunities.

The property comprises a combined site area of 3,246sqm* across four titles, comprising of a two-level office building together with three single-level warehouse buildings. The property is to be offered with vacant possession, allowing immediate occupation, refurbishment or redevelopment. 

An existing Planning Permit has been issued for an 11-level mixed-use development incorporating 116 residences plus commercial, designed by Ewert Leaf Architects. 


KEY PROPERTY HIGHLIGHTS

• Significant 3,246sqm* Activity Centre Zoned (ACZ) landholding.
• Four titles with extensive frontage to Nepean Highway and rear access via Park Lane.
• Existing two-level office and three warehouses, providing opportunity for buyers to sell down buildings
• Offered with vacant possession.
• Existing permit approval for an 11-level mixed-use development comprising 116 apartments, retail, commercial and childcare uses.
• Activity Centre zoning supports high-density residential and mixed-use development outcomes.
• 400m* from Cheltenham Train Station and close to multiple bus routes.
• Close proximity to Westfield Southland, Charman Road and Station Road retail precincts, parks, golf clubs and major lifestyle amenities.
• 1.5km* from the future Suburban Rail Loop Cheltenham Station.

An exceptional opportunity to secure a landmark development site in a tightly held location, with the benefit of existing improvements, vacant possession and a substantial approved mixed-use scheme. Opportunities of this scale and strategic positioning within the Cheltenham Activity Centre are increasingly rare. 

For more information please don't hesitate to contact our listing agents.