This article is from the Australian Property Journal archive
THE Victorian government is looking for a development partner to help deliver 275 apartments on a former water tank site that is also one of the most elevated in Melbourne.
The Ivanhoe community was given a first look last week at the Allan Labor government’s plans for 421 Upper Heidelberg Road site – the decommissioned Yarra Valley water tank site – where “a range of designs to suit a variety of households and budgets” will be delivered on the 6,220 sqm site, located nine kilometres north-east of the CBD.
At least 10% of the new homes will be made available to those eligible for affordable housing.
The development will start with three storeys on the western and southern sides, gradually increasing to 12 storeys at the corner of Upper Heidelberg Road and Bell Street, and could include build-to-sell, build-to-rent, retirement and aged care outcomes.
The state government’s Housing Statement reforms aim to deliver 800,000 new homes over the next decade.
“The development of the water tank site in Ivanhoe provides an opportunity to help cater for the growing population of the Ivanhoe-Heidelberg area by increasing the quantity and diversity of housing available,” said Penny Forrest, Development Victoria’s group head housing.
Plans to develop the site into housing go back as far as 2016. The water tank was decommissioned in 2003 and Banyule City Council twice unsuccessfully appealed to Yarra Valley Water, who owned the site, for the land to be given over for open space.
Colliers’ Jozef Dickinson and Philip Heberling are now acting on behalf of Development Victoria in looking to identify a compatible development partner for the site. Expressions of interest close Thursday, 30th May.
The agents said the land presents a unique opportunity for urban renewal, offering the potential for residential development whilst also facilitating the creation of a new council park spanning 2,081 sqm, which is separate from the area available for development.
Development Victoria is working with Banyule City Council, the Ivanhoe community and other stakeholders on a development plan. The development plan for the site is currently being exhibited until 10th May by Banyule Council for community feedback, which will be considered by Council before approving the Plan.
Over the coming months, the project will advance to the next phase which involves mitigating risks through demolition and site remediation.
“Partnership opportunities with esteemed sponsors like Development Victoria are exceedingly rare and we anticipate robust interest from capable developers to form part of this process,” Dickinson said.
“In an environment where discussion around housing supply has never been more prominent, it a great to see Development Victoria keen to get on with delivering a great vision for the site in an ideal location for housing, close to public transport, the Austin Hospital, quality schools and a thriving retail community.”
