A substantial permitted 5-level residential development site is located on a commanding corner position on one of the best corner allotments in Surrey Hills - Canterbury and Warrigal Road with the additional benefit of a rear ROW. The 1,139 sqm corner landholding, with a Commercial 1 zone, has a recently issued permit approval for a five-level project, currently designed for 71 serviced apartments, plus associated retail and conferencing areas, but with flexibility to accommodate several uses based on the zoning. The property is an amalgamation of two titles and boasts a combined frontage of 99 m* to Warrigal Road and Canterbury Road with the added advantage of a rear ROW providing exceptional exposure and design flexibility. The property is presented to the market for sale at a time when there have been limited blue chip opportunities. On the doorstep of a highly regarded Union Road shop and the Surrey Hill Train Station, the property has excellent amenities in easy walking distance to complement the already outstanding fundamentals with Surrey Hills. This purchase comes together with a signed Agreement For Lease with a multinational company that offers rental guarantee for the next 20 years. (Conditions Apply) Key highlights of the property include: - Permit approved for a 5-level development featuring 71 serviced apartments, a ground floor cafe and a conference centre - Commercial 1 Zoned land holding of 1,139 sqm* - Combined street frontage of 99 m* to Warrigal Road and Canterbury Road with additional ROW access - 2 titles with improved existing buildings generating a short-term holding income - Immediate proximity to Union Road retail strip (250 m*) housing Coles, Vintage Cellars, Australia Post and many other specialty shops and cafes - Surrey Hills Train Station (250m*) provides direct access to the Melbourne CBD and Box Hill CBD