Amcor has sold its Fairfield Mill property for $120 million in the largest inner city infill residential land sale in Melbourne’s history.
Colliers International, on behalf of Amcor, facilitated the sale to a local consortium led by Alpha Partners Pty Ltd and Glenvill Group
“This is the largest infill residential land sale in Melbourne’s history,” said John Marasco, Managing Director of Capital Markets and Investment Services at Colliers International.
Amcor announced the sale of the Alphington site, which is subject to expected regulatory approvals, to the Australian Securities Exchange Wednesday morning.
[caption id="attachment_3061" align="aligncenter" width="382"] Visual courtesy of Tract Consulting[/caption]
Len Warson, Glenvill Group CEO, said the purchase underpins future growth for the company.
“This is a once in a lifetime opportunity to develop a new landmark, premium Yarra River-fronting community so well located and so close to the CBD,” Mr Warson said.
The 16.46 hectare site is located seven kilometres from Melbourne’s CBD, and is surrounded by various local amenities such as popular retail precints, hospitals, schools and open parklands.
“The site is further advantaged by its extensive Yarra River frontage of 279 metres,” Mr Marasco said. “The holding is of such a size that its availability is unprecedented and its ultimate capital value, when complete, will represent the largest inner urban mixed use/residential project in Melbourne in recent decades, other than the Docklands precinct.”
"I am very conscious of the history of the site and its significance to the local surroundings and was pleased to find a development partner such as Glenvill to help deliver what will be one of Melbourne's new premier residential addresses." said Guy Nelson of Alpha Partners.
The land payments will be paid progressively over a four year period with Amcor receiving a $10 million deposit on exchange of contracts.