A unique, landmark site is being offered in partnership with Development Victoria to revitalise this key inner-eastern suburban hub and accelerate Melbourne’s housing supply.
Positioned atop one of metropolitan Melbourne’s most elevated points, an expansive development parcel spanning 6,220 square meters is currently on offer for a development/delivery partnership by Colliers, acting on behalf of Development Victoria.
Colliers’ National Director, Jozef Dickinson and Executive, Philip Heberling, are exclusively tasked with identifying a compatible development partner for the site to deliver on a clear vision, envisaging approximately 275 apartments for the site.
The scarcity of available land suitable for residential development in prime metropolitan Melbourne locations highlights the exceptional value of 421 Upper Heidelberg Road, Ivanhoe. This land presents a unique opportunity for urban renewal, offering the potential for residential development whilst also facilitating the creation of a new council park spanning 2,081 square metres (which is separate from the area available for development).
Development Victoria is working with Banyule City Council, the Ivanhoe community and other stakeholders on a Development Plan for the decommissioned Yarra Valley Water tank site. The Development Plan includes provision for up to12 levels of housing that would suit several development outcomes, including build-to-sell, build-to-rent, retirement and aged care.
The Development Plan for the site is currently being exhibited until 10 May by Banyule Council for community feedback, which will be considered by Council before approving the Plan.
Over the coming months, the project will advance to the next phase which involves mitigating risks through demolition and site remediation.
Colliers’ Residential National Director, Jozef Dickinson, commented; “Partnership opportunities with esteemed sponsors like Development Victoria are exceedingly rare and we anticipate robust interest from capable developers to form part of this process.
“In an environment where discussion around housing supply has never been more prominent, it a great to see Development Victoria keen to get on with delivering a great vision for the site in an ideal location for housing, close to public transport, the Austin Hospital, quality schools and a thriving retail community,” Mr Dickinson added.
Colliers’ Development Sites Executive, Philip Heberling, said that the asset is a key opportunity to implement a holistic response to sustainable development.
“The Development Plan aims to effectively integrate occupant-focused spaces, reductions in life-cycle carbon emissions, improved resource efficiency, and enhanced natural systems consistent with climate resilient principles.
“The project prioritises sustainable outcomes to realise a high-performing project that benefits people, place and planet,” Mr Heberling concluded.
Penny Forrest, Development Victoria’s Group Head Housing said: “The development of the water tank site in Ivanhoe provides an opportunity to help cater for the growing population of the Ivanhoe- Heidelberg area by increasing the quantity and diversity of housing available.”
Approximately 9km North-east of Melbourne’s Central Business District, the rare site has exceptional access to public transport, healthcare infrastructure, employment opportunities and schools.
Colliers encourage all developers and development consortia to participate in the initial Expression of Interest (EOI) process, recognising Development Victoria’s eagerness to swiftly execute this vision.
421 Upper Heidelberg Road, Ivanhoe, is being offered as a partnership opportunity via an initial EOI campaign, closing Thursday 30th May 2024 at 2pm (AEST)/
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