This article is from the Australian Property Journal archive
Babcock & Brown Residential Land Partners have received Ministerial approval for the rezoning of the site in Ascot Vale, Melbourne to from Industrial 1 to Residential 1 zoning.
The site is the location of BLP’s Ascot Chase project.
The $67 million project is the largest single property within the BLP initial portfolio and is being developed and managed by Urbex, one of the foundation development partners in BLP.
BLP’s chief executive Michael Balkin said the rezoning of Ascot Chase paves the way for the immediate commencement of the final planning and development phase.
“As outlined in the Prospectus and Product Disclosure Statement dated 6 June 2006, there is limited rezoning risk in the initial portfolio of properties, and as a result of this rezoning the initial portfolio is now approximately 85% rezoned,” he added.
By Kathryn O’Meara