A major investment company’s real estate win has snapped up a substantial site in Melbourne’s Arden precinct.
BRC Capital’s development arm BRC Developments has bought the site from local businessman Nick Theodossi in an off-market deal brokered by Colliers agents Trent Hobart and Robert Papaleo for an undisclosed amount.
Arden Central is a 5463sq m site at 189-203 Arden Street and is slated to be the gateway site for Victoria’s largest urban renewal precinct.
The 45ha Arden Precinct Structure Plan was introduced into the Melbourne Planning Scheme earlier this year.
It outlines a mixed-use development project for the site worth more than $600 million with construction earmarked to begin later in 2024.
The precinct in North Melbourne is expected to have up to 15,000 new residents and 34,000 workers, with most of the development fuelled by the new Arden station that is scheduled to open from 2025 when the Metro Tunnel project is completed.
The Arden Station will also be connected to the Airport Line from 2029, making it easy for travellers to get into the city quickly.
The Metro Tunnel project will cost $11 billion.
The precint also neighbours the $5 billion Hospital Campus project.
BRC chairman Paul Docherty said that with BRC Developments investment in sustainability, technology, infrastructure and, most recently, medical technology, it made sense to acquire the property.
“We are trying to take more control of our destiny in regards to the facilities that we build, which are, by definition, reasonably expensive,” Docherty said.
“We've got to be somewhere where, from a health perspective, we're close to where health workers are going to be, and that is clearly in and around that area.”
The company has just invested in personalised medical device company 3DMEDiTech, partnering with the Victorian government to increase its manufacturing capability.
The company has successfully collaborated with the University of Melbourne to establish the MedTech Innovation facility, officially launched as the Joint Research and Training Centre.
The JRTC partnership with the uni will likely move into the Arden Innovation Precinct as part of BRC’s ongoing expansion of its medtech capability.
It is currently housed between two locations—3D MediTech’s Port Melbourne site and the university’s Parkville Campus.
Colliers national director Trent Hobart said it was a key site in the future development of the city.
“The sale marks a significant transaction in Melbourne’s prime city fringe and reflects confidence in Colliers’ and BRC’s vision for the Arden precinct,” he said.
“The Arden Central precinct will become a key destination for Victoria and an integral employment, education, medical and innovation precinct.”
