This article is from the Australian Property Journal archive
THE Metropolitan Fire Brigade has sold off two sites in Melbourne’s development-intensive inner north west corridor for a combined $10.5 million.
A Chinese-backed developer will look to undertake mixed use projects on the separate sites at 579-591 Mt Alexander Road, which transacted at $6.75 million, and nearby 325 Ascot Vale Road, for $3.75 million.
Both sites are within the Moonee Ponds Activity Centre and noted as “Key Strategic Sites” within the Moonee Ponds Activity Centre Structure Plan.
579-591 Mt Alexander Road sold with the three-level, 3,800 sqmformer Foxtel office building on a 1,608 sqm site, and was marketed with the potential to refurbish the existing building, value add by building additional floors or develop into an apartment or mixed-use development.
The car park site at 325 Ascot Vale Road was offered with the same development potential.
Knight Frank’s Danny Clark, Tim Grant and Stephen Kelly acted on behalf of the MFB.
Nearby, the Moonee Valley Racing Club recently confirmed that a joint venture between super fund Hostplus and developer Hamton would deliver the $2 billion mixed-use project at the famous racecourse.
Around nine hectares of the 40 hectares owned by the Club will be redeveloped to accommodate around 2,000 dwellings across several buildings, as well as retail and office space.
Pace Development Group acquired a mixed-use development site of 3,826 sqm in August at 327-357 Mt Alexander Road last year $12 million at auction.
That same week, Urban Development Institute of Australia’s latest Victoria Residential Development Index showed the Moonee Valley LGA has been the strongest performer in the FY2016-17 YTD, with 1,408 apartment commencements, well above activity over the previous three years. It now has the largest volume of commencements of any LGA in the region.
Australian Property Journal
