Major inner-city townhouse site with existing approvals hits the market

Colliers’ Hamish Burgess, Trent Hobart and Yvonne Zhou have exclusively been appointed to bring a significant infill development site with exciting approvals to market with price expectations around $60 million.

Positioned in the thriving inner west, a short distance from Melbourne’s CBD, this major site of scale and significance provides the opportunity to deliver a master-planned inner city community just 6km west of Melbourne’s CBD.

The 71,789 sqm site comes with planning approval for 56 townhouses in stage one and an approved overall masterplan for 305 townhouses. Designed by renowned architects and placemakers Clarke Hopkins Clarke, the masterplan incorporates six separate stages designed around a central park and linear green spaces, providing thoughtful aspects and green amenities.

Colliers’ Director for Development Sites, Hamish Burgess, said, “The land sits under a flexible Comprehensive Development Zone (CDZ), providing a clear scope and development certainty for future stages. Additionally, it is a perfect infill development proposition that will benefit from the

government’s renewed focus to achieve its 70/30 housing strategy between established suburbs and growth areas.”

“The site has approval for a staged development, which allows the development to follow market conditions, allowing for pricing escalation, in an area that will likely see upward pressure on housing prices in the near term.

“Upon completion, the overall 67-hectare precinct, known as ‘Precinct 15’, will comprise residential and commercial developments and allows for the construction of up to 3,000 dwellings ranging from three to six stories in height, together with new office buildings, retail premises and over eight hectares of public open space,” said Mr Burgess.

2-48 New Street, South Kingsville, is nestled within a highly connected area with access to the new Westgate Tunnel, which will link the inner west to the CBD, providing increased transport access to central Melbourne.

The generously sized allotment is positioned within walking distance of two train stations, connecting through the thriving and gentrified inner western suburbs of Spotswood, Yarraville and Seddon and the future Arden Station, University Precinct and Central CBD.

Trent Hobart Colliers’ National Director for Development Sites, added, “The site is positioned amongst other high-profile developers and projects under construction in a proven location that has undergone substantial growth and gentrification in recent years.

“Melbourne’s inner-west is thriving thanks to several urban renewal and infrastructure projects which are elevating amenity and infrastructure to the area creating unprecedented levels of growth. The Hobson Bay population is expected to grow from around 92,000 in 2021 to 120,000 in 2041.”

2-48 New Street, South Kingsville, is being offered for sale by Expressions of Interest, closing Thursday, 3 August at 2 pm (AEST).