A Melbourne residential and commercial developer will embark on a circa $100 million plus medium density apartment project on a 44,000 square metre site in Spotswood.
The project will take place on a recently acquired property at 2 Watson Street which has undergone a rezoning to become a residential site instead of industrial.
As the inner western suburb continues on its recent gentrification trajectory, Savills Industrial Director Greg Jensz, who negotiated the deal with Tim Casanelia, said the sale of the Precinct 15 land was completed off-market within two weeks of the vendor’s decision to sell.
"This is a measure of just how hot the residential development market is in Melbourne but especially in the smaller, popular pockets like Spotswood which has been a key target for developers looking to capitalise on the gentrification process," Mr Jensz said.
"Any opportunities within 10k of the CBD are going to be looked at seriously by developers and especially those that can offer scale.
"The redevelopment of Precinct 15, which this property forms part of, offers one of the most significant urban renewal opportunities in Melbourne given its size, at 64 hectares, and close proximity to the CBD," he said.
The site, part of the former Don and Gilbertsons land, bounded by West Gate Freeway, New Street, and Kyle and Blackshaws roads, is the latest area to fall to residential in an ongoing story of gentrification of this former industrial heartland.
The adoption of Amendment C88, lodged with Hobsons Bay Council, to rezone Precinct 15 from its current industrial zones to residential, paved the way for a proposed 3000 dwellings and a 5500 square metre Neighborhood Activity Centre, associated open space areas and a community facility.
The sale of the Spotswood site went to a private company for an undisclosed price.