Activity Centre Plan offers huge opportunity for Essendon site
17 October 2024
1120-1122 Mt Alexander Road, Essendon
A high-profile and impeccably presented freehold on a land-rich inner city site has hit the market, presenting a huge opportunity to play a role in the evolution of North Essendon following the handing down of the Activity Centre Plan draft by the Victorian government.
Fitzroys’ Ervin Niyaz and Chris Kombi are marketing 1120-1122 Mt Alexander Road via Expressions of Interest closing 30 October.
The property comprises two separate immaculately renovated shops with brand-new fit-outs completed in 2023, offered together; they are currently leased to global fast-food giant Zambrero and Estaflora florist and café. There is also on-site secure parking for 8 cars.
In a high-profile prime position in the heart of the tightly-held North Essendon Retail Village, the property is on a strategic and centrally located landholding of 619sqm – one of the largest blocks in this location – with two street frontages of over 12m each to Mt Alexander Road and Winifred Street.
The site is within the North Essendon Activity Centre Plan 20241, part of the Victorian government’s Housing Statement which identified 10 activity centres and their surrounds as key locations for more medium and high-density housing around well-connected shopping, lifestyle and hospitality hubs.
Among the key aims of the North Essendon Activity Centre Plan 2024 are to increase capacity for housing, employment, and services, including the delivery of 5,100 to 6,200 new homes in the activity centre and catchment area, and facilitate the delivery of key transport and community infrastructure.
Under the Plan, the built form typologies for 1120-1122 Mt Alexander Road will support developments of up to 27 metres high, or eight storeys.
“This is an incredible opportunity to play a role in the evolution of the North Essendon precinct,” Niyaz said.
“Investors can buy a quality freehold with valuable tax depreciation benefits that will benefit from excellent trade prospects in line with the addition of thousands of new people to the immediate catchment in the coming years,” he said.
“Land bankers and developers can acquire a well-leased property and bank on a strong income from quality tenants while assessing their options for the site.
“There’s a highly-publicised shortage of residential supply amid high population growth, and more people are looking to live, work and play in well-connected areas with quality lifestyle and hospitality amenity.
“This site is ideally placed to capture that demand.”
Kombi said the property neighbours Coles, Punt Hill Apartments, Subway, Domino’s, Flight Centre, Bakers Delight, Fergusson Plarre and many more, and is located only eight kilometres north of Melbourne’s CBD with excellent connectivity to surrounding suburbs via Tullamarine Freeway and City Link, and convenient public transport linkages with tram 59 at the doorstep and abundant public parking.
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