This article is from the Australian Property Journal archive
AMCOR’S Alphington Mill, one of the largest infill mixed-use development sites in Melbourne’s inner-city, will go on the market again early next year in an international tender campaign run by Colliers International.
Colliers investment sales managing director John Marasco and corporate solutions national director Peter Evans are the exclusive selling agents, they said marketing is set to launch officially in early February 2011, with a closing date for the tender in mid March.
“Alphington Mill is a unique, inner-city mixed-use development opportunity of grand proportions. This is truly a once-in-a-lifetime opportunity.
“We expect the site to achieve a record result on a per square metre basis. The true value can only be assessed by buyers who understand the enormous development potential of this prime piece of land,” Marasco said.
The 16.5 ha site located 7km from the Melbourne CBD, was rezoned as a mixed use development and put on the market last year. It was reported that property was expected to fetch around $200 million and Lang Walker had been in the running for the prized site, however no deal eventuated.
Marasco said now is the ideal time to take Alphington Mill to market to find the right buyer who is able to make the development opportunity a reality.
The site is believed to have the potential to accommodate in excess of 2000 residential dwellings in addition to retail, office and community facilities. The site enjoys a 279m frontage to the Yarra River, as well as direct frontage to both Heidelberg Road and the Chandler Highway.
Amcor has engaged leading environmental consultant Peter Ramsay & Associates to conduct an assessment of the site.
“Considering the large industrial sites redeveloped to residential in Melbourne over recent years, the Amcor site in Alphington is one of the cleaner industrial sites I have seen. I can see no inhibitors to a mixed-use development at this site,” Peter Ramsay said.
The Alphington Mill site is located within the northern section of the City of Yarra, which is expected to experience rapid growth, increasing from 49,500 people in 2010 to 58,700 people by 2020. This influx of 9,200 people is roughly equivalent to the combined size of the two suburbs, Alphington and Fairfield, located closest to the site.
Marasco said the strong population growth in the City of Yarra is being driven by the relative proximity of the area to the Melbourne CBD, the availability of public transport links and the proximity of universities and other educational facilities.
Australian Property Journal
