This article is from the Australian Property Journal archive
STATE development agency Places Victoria has sold a 9,000 sqm development site at Footscray in Melbourne’s inner west to a investor/developer from Hong Kong.
The sale price was not disclosed.
The former Binks Ford dealership site is located at the corner of Cowper St and Dynon Rd was acquired by Places Victoria in May 2011 for $11.5 million.
The 2/52 Cowper St property was sold with a development scheme comprising up to 500 apartments over four, 8-14 level towers with 454 car spaces and ground floor retail.
Places Victoria development and construction heneral manager Peter Southwell said the site was put to market in response to the growing interest in the Footscray area.
Savills directors Julian Heatherich and Nick Peden handled the deal and said the expressions of interest campaign generated considerable interest from local, interstate and overseas developers keen to tap into Melbourne’s booming apartment market.
“We had significant enquiry from a broad range of prospective purchasers including syndicates and funds and local and offshore investor sand developers.
“There is no doubt that we are in the midst of the most extraordinary apartment market, in terms of both new construction and investment, we have ever seen in Melbourne and possibly Australia,” Heatherich said.
“This is a premium inner-city super site, ideally located within one of Melbourne’s key growth locations at the gateway to Footscray’s central activity core and with the sort of flexible zoning which encourages intensive residential development.
“It really presented as the whole box and dice for apartment developers,” Peden said.
The site is vacant, cleared and ready for construction.
Australian Property Journal
