This article is from the Australian Property Journal archive
ONE of the last significant industrial sites in Melbourne’s inner north suburb of Northcote has been snapped up for almost $20 million by Citinova.
The 11,797sqm infill property at 24 Leinster Grove, known as Northcote Grove, was marked as a strategic redevelopment some time ago in the council’s planning policies.
Joe Kairouz and Robert Papeleo from Colliers negotiated the sale on behalf of Ensign Services via an off-market expressions of interest campaign, that garnered 11 offers from bidders with a range of investment and development strategies.
“Being uniquely situated across two discrete parcels on either side of Gadd Street certainly added to the appeal of this opportunity in this increasingly popular inner north suburb,” said Papeleo, national director of residential.
Papeleo noted the site was particularly attractive to potential buyers due to its identified strategic redevelopment potential and policy support already in place.
“As a scarce infill property of scale with inherent flexibility for ongoing or alternative use, ‘Northcote Grove’ attracted interest from a wide range of bidders,” added Kairouz, manager for development sites at Colliers.
The circa 1.2-hectare property is made up of two more than 5,800sqm blocks, in an area largely surrounded by residential, with Merri Creek and its parklands within close proximity.
For the successful buyer, Citinova, the acquisition strengthens its already extensive pipeline of projects across a range of asset types in Victoria.
“We are looking forward to working with Council and all local stakeholders to design and develop an incredible built form environment, which compliments the surrounding neighbourhood,” said Nathan Minicozzi, director at Citinova.
Citinova will also use its wide-ranging experiencing in developing these types of infill sites, with Minicozzi noting the property’s unique opportunity to support the gentrification of Northcote.
For Colliers’ Development Sites team, this is the latest off-market sale of a major development site in the Northcote precinct, with a combined $100 million in transactions since 2021.
