Permit-Approved Mixed-Use Development Site Hits the Market

27 February 2023

Colliers’ Tim McIntosh and Mike Crittenden are pleased to exclusively bring a permit-approved local activity centre site to market, strategically located within Melbourne’s north high growth corridor in Wallan.

The future Wallan Local Activity Centre is situated on a prime 8,250 sqm site within the booming northern corridor, directly across Wallan Train Station, with construction ready to commence.

“The 100% freehold site has a permit in place for a mixed-use development, allows the development of a range of uses, including residential apartments, retail premises and a childcare centre. With a current 21.9% undersupply of childcare centres within the catchment, there is strong demand for a local activity centre,” said Mr McIntosh.

21 Station Street, Wallan benefits from a highly flexible Township Zone (TZ) zoning under the City of Mitchell and is strategically located 2km east of Wallan CBD and 45km north of Melbourne CBD with immediate proximity to Hume Freeway and the adjoining Wallan Business Park precinct.

The Main Trade Area (MTA) population is currently 17,020, and projected to grow exponentially at 5.9% per annum to 50,200 by 2041. The MTA retail spend is at present $256.4 million and is forecast to increase to $1.2 billion by 2041, reflecting an annual growth of 8.5%.

“Within the MTA, growth will be driven by the several surrounding residential developments, such as Frasers Wallara Waters’ estate with 2,000 dwellings, Newbridge’s 557 dwellings and Wallan East PSP’s proposed 2,250 dwellings,” said Mr Crittenden.

The Wallan Local Activity Centre Site, which is expected to attract interest in excess of $5 million, is being offered for sale via an Expressions of Interest (EOI) campaign, closing at 2:00 pm (AEDT) Wednesday, 22nd March 2023.