This article is from the Australian Property Journal archive
THE largest residential development opportunity in metropolitan Melbourne has been listed for sale.
CBRE’s Jamus Campbell, Scott Orchard and Mark Wizel are marketing the property at 1091 Plenty Rd Bundoora in Melbourne’s north, on behalf of a private developer, Parkrise Australia.
The international expressions of interest campaign closes on December 4.
The agent said the site is the largest residential development site in the metropolitan area to come on the market in more than two years.
Located approximately 15 kms north of the CBD, the 13,330 sqm property has a permit for 361 apartments over six towers, ranging from three to eight levels, and more than 1,000 sqm of commercial/retail space.
Campbell said the site offered a rare opportunity to undertake a landmark residential development.
“Located within one of the fastest growth corridors in Australia and positioned between La Trobe and RMIT universities, the site is set to become the cornerstone of Bundoora, playing a pivotal role in the surrounding area’s future development,” he added.
Melbourne’s inner-north is forecast to grow by up to 65,000 people by, equating to a 48% population increase – a trend anticipated to drive both capital growth and rental income.
“With over 180 degrees of frontage to Bundoora Park, the residential component of this development will benefit from a luscious leafy outlook, whilst still being in the heart of metropolitan Melbourne,” Campbell said.
Orchard said the potential for a strategically staged outcome would provide the owner/developer with more flexibility in the sales process.
“By releasing the residential aspect of this project in stages, the development can be paced according to sales demand,” Orchard concluded.
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