303 Reserve Rd 5,490 SF Industrial Building Cheltenham, VIC 3192 For Sale

303 Reserve Road offers a rare opportunity to secure a high-profile corner site in Melbourne’s sought-after Bayside precinct. Positioned at the gateway to the region’s world-class sporting hub, this property combines exceptional visibility with significant development potential. The site spans approximately 1,855 sqm and includes two existing warehouses totaling 510 sqm, providing immediate utility and short-term rental income from Ambient Lounge.
The property benefits from an approved permit for an architecturally designed, eight-level residential hotel development, capitalizing on panoramic golf course views. Zoned Commercial 2, the site supports a wide range of uses, from accommodation and hospitality to health, sports, and entertainment-related businesses. With two street frontages totaling 87 meters, the property offers outstanding exposure and accessibility.
Surrounded by elite golf courses, basketball and netball facilities, and emerging sports such as pickleball and padel, the area is experiencing strong demand for allied health services, food and beverage venues, and accommodation options. This is an exceptional opportunity for developers or owner-occupiers to create a landmark asset in a thriving, high-growth location.