โ€˜Northcote Groveโ€™ site sells for close to $20million to Citinova

The significant transformation of Melbourneโ€™s inner north is set to, continue, as one of the last major industrial sites in Northcote sells for close to $20 million.

Colliersโ€™ Joe Kairouz and Robert Papaleo negotiated the sale of 24 Leinster Grove on behalf of Ensign Services. โ€˜Northcote Groveโ€™ has long been identified as a strategic redevelopment opportunity in Councilโ€™s planning policies.

The 11,797sqm property has been acquired by Citinova, following a highly contested off-market expressions of interest campaign that resulted in 11 offers from bidders pursuing a range of investment and development strategies.

Colliersโ€™ National Director Residential, Robert Papaleo, said a key attribute that made this particular asset attractive to a large pool of buyers was its identified strategic redevelopment potential and policy support.

โ€œBeing uniquely situated across two discrete parcels on either side of Gadd Street certainly added to the appeal of this opportunity in this increasingly popular inner north suburb,โ€ Mr Papaleo said.

โ€œAs a scarce infill property of scale with inherent flexibility for ongoing or alternative use, โ€˜Northcote Groveโ€™ attracted interest from a wide range of bidders,โ€ Colliersโ€™ Manager for Development Sites, Mr Kairouz added.

Citinova brings extensive experience to these types of infill sites, and this acquisition further bolsters its strong Victorian pipeline of projects across multiple asset classes.

Director of Citinova, Nathan Minicozzi, said the site presents a unique opportunity to continue supporting the gentrification of Northcote.

โ€œWe are looking forward to working with Council and all local stakeholders to design and develop an incredible built form environment, which compliments the surrounding neighbourhood,โ€ said Mr Minicozzi.

The sale is the latest in a string of significant development sites sold off-market in the Northcote precinct by Colliersโ€™ Development Sites team since 2021, with a combined value of around $100 million in transactions.

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