This article is from the Australian Property Journal archive
ABOUT $60 million is expected for nearly 7.2 hectares of land in Melbourne’s inner west that has an approved masterplan for 305 townhouses.
The 2-48 New Street site in South Kingsville is close to the Westgate Freeway and the under-construction Westgate Tunnel, and is part of a 67-hectare area known as Precinct 15 just six kilometres from the CBD that will comprise up to 3,000 dwellings in buildings from three to six stories in height, together with new office buildings, retail premises and over eight hectares of public open space.
The 71,789 sqm site comes with planning approval for 56 townhouses in stage one. Designed by architects Clarke Hopkins Clarke, the masterplan incorporates six separate stages designed around a central park and linear green spaces.
Colliers’ Hamish Burgess, Trent Hobart and Yvonne Zhou have been appointed to sell the property.
Burgess said the land sits under a flexible comprehensive development zone, providing a clear scope and development certainty for future stages.
“Additionally, it is a perfect infill development proposition that will benefit from the government’s renewed focus to achieve its 70/30 housing strategy between established suburbs and growth areas.
“The site has approval for a staged development, which allows the development to follow market conditions, allowing for pricing escalation, in an area that will likely see upward pressure on housing prices in the near term.”
The site is positioned within walking distance of two train stations and close to the gentrified inner western suburbs of Spotswood, Yarraville and Seddon.
“The site is positioned amongst other high-profile developers and projects under construction in a proven location that has undergone substantial growth and gentrification in recent years,” Hobart said.
“Melbourne’s inner-west is thriving thanks to several urban renewal and infrastructure projects which are elevating amenity and infrastructure to the area creating unprecedented levels of growth.”
The Hobson Bay population is expected to grow from around 92,000 in 2021 to 120,000 in 2041.
Expressions of interest close Thursday, 3rd August.
