This article is from the Australian Property Journal archive
A LARGE strategic infill development site in Melbourne’s inner west has sold for $5.81 million, following a hotly contested auction.
The sale transaction was handled by Paul Farrelly and Michael Major of Sutherland Farrelly in association with m3property as transaction manager.
Farrelly said the 8,907 sqm development site of situated at 62 Wests Road, corner of Raleigh Road, Maribyrnong was keenly contested by two parties.
Boasting an extensive frontage to Wests Road of 191 metres on the edge of Maribyrnong’s retail core, the site is situated 10km north west of the Melbourne CBD.
It is situated opposite the newly established Waterford Green residential estate and is also close in proximity is Delfin Lend Lease’s Edgewater estate.
The property is contained within two Titles and included within a Comprehensive Development zone under the provisions of the Maribyrnong Planning Scheme.
In addition, it is included with the “Wests Road” precinct under The Highpoint Activity Centre Structure Plan which encourages medium density development, including mixed use buildings with commercial uses at ground floor and commercial or residential uses above.
“Sites of this magnitude located so close to activity centres are rarely offered which resulted in strong enquiry received during the marketing campaign,” Farrelly concluded.
Australian Property Journal
