This article is from the Australian Property Journal archive
A CHINESE developer has acquired the 8.78-hectare VicRoads site in Melbourne’s western growth corridor for $11.67 million, and is likely to pursue a townhouse project on the site.
The 80a and 80b Oakwood Road property in Albanvale, in the City of Brimbank, features two street frontages totalling 225 metres.
Although zoned General Residential, easements and non-developable areas leave around 4.5 hectares of the site available for development.
Savills agents Julian Heatherich, Jesse Radisich and Nick Peden sold the site, which is located close to Brimbank Central shopping centre.
“The demand for housing in established centres, particularly next door to a shopping centre and with public transport and other amenity including recreation and education facilities already in place, is enormous,” Heatherich said.
Radisich said infill sites in Brimbank, one of Melbourne’s most important growth centres, were magnets for developers.
“Any infill site is generally going to attract a lot of attention. When it’s within a noted population and employment growth zone that attention is going to be magnified,” he said.
Peden said demand for development sites was at an all-time high right across Melbourne.
“With Melbourne’s population growth continuing to outstrip all other capitals, and talk of Melbourne being on track to attaining the title of Australia’s most populous capital, developers are keen to grab any opportunity which comes to market,” he said.
“Whether it’s infill sites, suburban fringe sites or even landbanking opportunities, the prospects for residential development in Melbourne are generally regarded as virtually bulletproof within the development community.”
According to the latest ABS data Brimbank is Melbourne’s third most populous municipality, with a predicted increase in the number of dwellings of 11.6% over the next 20 years, with Albanvale house prices jumping more than 30% in the past three years.
Australian Property Journal
