This article is from the Australian Property Journal archive
IN what would be one of the largest land sales in Melbourne’s suburbs in recent years, Abacus and Gillon Group’s 14-hectare East Village super site in East Bentleigh has sit the market.
Located at 236-262 East Boundary Road, the flexible zoned masterplanned site has been earmarked to be transformed into a sustainable mixed-use development with retail, residential and commercial space, following its rezoning.
John Marasco, Trent Hobart, Rachael Clohesy and Rob Joyes from Colliers, alongside Walter Occhiuto, Andrew Dawkins and Chris Jones from Dawkins Occhiuto have been appointed to manage the sale via an international expressions of interest campaign.
East Village can accommodate over 2,200 townhouses and apartments. Additionally, there is capacity for more than 14,000sqm of retail, with two major supermarkets and more than 40,000sqm of commercial space.
“There is significant demand for this kind of amenity and lifestyle, and we expect developers will jump at the chance to lead the way,” said Occhiuto.
Occhiuto noted that the site could add social infrastructure to the Bentleigh area, such as health, education, sport and aged care space.
The master plan for the super site includes Urbis as planning consultant and NH Architecture advising.
“The aim of the East Village plan is to provide for many of the needs of the new community within 20-minutes of where people live — including parks, schools, shopping and dining, jobs, and access to public transport. This site will be central to the creation of a vibrant new hub that provides everything East Bentleigh residents need to live and work in harmony,” said Marasco.
Due to its placement, East Village sits amongst medical and sporting amenity, along with education facilities including the new McKinnon Secondary School that accommodates 1,100 students.
“The new McKinnon Secondary School Campus will transform the local residential market in East Village, with the new school zone anticipated to have a significant impact on residential prices within the precinct,” added Occhiuto.
East Village is currently known as Virginia Park and includes a business park comprised of office, warehouse, retail and childcare space.
“We expect significant interest from offshore and Australian developers including major institutions, superannuation funds, build-to-rent groups and private developers. There is a substantial weight of capital in the market looking for developments of this size and calibre,” said Marasco.
The current format at the site would deliver potential investors with a steady short to medium term income ahead of redevelopment.
The expressions of interest campaign for 236-262 East Boundary Road is scheduled to close on 28 April 2022.
