In one of the largest site acquisitions in metropolitan Melbourne in recent times, Frasers Property Australia and Irongate Group have settled the purchase of the former Bradmill manufacturing site in Yarraville, eight kilometres west of Melbourne CBD.
The 26-hectare site has a development plan in place to accommodate in excess of 1,000 new homes in a well-connected area offering easy access to the Princess Highway and West Gate Freeway.
Frasers Property and Irongate plan to deliver a new mixed-use community with a diverse choice of homes, a neighbourhood shopping centre, parks and open space, in a 50-50 joint venture.
The acquisition represents the sixth development joint venture between Frasers Property and Irongate.
Cameron Leggatt, Executive General Manager Development, Frasers Property Australia says the acquisition is a significant boost to Frasers Property’s development pipeline in Victoria.
“A site of this size and scale in such a strong location is extremely rare. This provides a unique proposition that aligns with our core capability in large-scale, mixed-use, sustainable development. Together with our partner Irongate Group, we look forward to delivering a high-quality, well-connected neighbourhood with a mix of homes, retail shops, complementary amenities, and green space, drawing on our place-making and community development expertise,” Mr Leggatt says.
“This is a prime opportunity to create belonging in a vibrant new neighbourhood, in an area with short supply of quality housing choice and comes as a real boost to our Victorian workbook at this important stage in the housing cycle,” he says.
Graeme Katz, CEO, Irongate Group says the acquisition is the sixth investment in the past year for its Irongate Templewater Australia Property Fund.
“The acquisition of this landmark site, in partnership with our like-minded, best of breed partner Frasers Property, supports the growth of our unlisted funds management platform which continues to attract institutional capital,” Mr Katz says.
“It also reinforces our continued confidence in the Australian economy and housing market, especially in Victoria,” he says.
Site remediation and infrastructure works have commenced on site. Based on the current schedule, the first homes are anticipated to be launched in 2023.
The site is bounded by Francis Street, McIvor Reserve and the Newport freight railway line and was the former home of the Bradmill denim factory, though manufacturing on site ceased in 2007. The area was rezoned from industrial to residential and mixed-use in 2011.
The joint venture for the Yarraville acquisition secured funding from OCBC Bank. Frasers Property will be development manager for the project.
Related Articles
