Two separate, but side-by-side, sites directly opposite Melbourne’s famous Flemington Racecourse are up for grabs and set to entice both investors and developers out of the woodwork to explore its vast potential.
Colliers International’s Tony Iuliano, Nathan Bingham and Jeremy Gruzewski have been appointed to sell 159 - 161 Epsom Road and 31 - 33 Ascot Vale Road in Flemington, with agents expecting interest in the vicinity of $30million.
The combined property offering occupies a 22,753 square metre site area and offers 12,831 square metres of building area and an attractive income stream from a diversified mix of tenants, including Top Cut Meats.
159 - 161 Epsom Road offers 4,534 square metres of building space on a 9,374 square metres site, while 31 - 33 Ascot Vale Road offers 8,297 square metres of building space on a 13,379 square metre site.
“The properties are fantastically located directly adjacent to the world famous Flemington Racecourse in a high profile location,” Mr Iuliano said.
“Both land holdings offer attractive development characteristics, and as a combined parcel, the holding is very unique, featuring two significant street frontages which create the ultimate landmark development opportunity.
“From a redevelopment perspective, the offering consists of two separate land allotments which, when combined, feature frontage to Epsom Road to the west and Ascot Vale Road to the east," he said.
The scale and configuration of the land holding, combined with its elevated aspects over Flemington Racecourse, makes this a mouth-watering prospect for future mixed-use or residential redevelopment (STCA).
“159-161 Epsom Road in Flemington has been occupied by Top Cut Meats for many years, operating as a major food production facility which would be suitable for ongoing use from meat, seafood and poultry operators," Mr Iuliano said.
Additionally, 31-33 Ascot Vale Road is home to a mix of tenants, some with operating synergies with Top Cut Meats. The improvements are modern and offer long-term currency in their current condition.
The location is well serviced by public transport with train and tram services readily available from the property, whilst access for car and trucks is well serviced with access to the nearby Tullamarine Freeway.
“Be it for future residential development purposes, or as an on-going food processing facility, the location offers significant appeal,” Mr Gruzewski said.
“We expect food service groups that service the CBD to place a special value on the location, as it offers them a strategic operational benefit.
“However, we also expect this extraordinary site, offering the opportunity to deliver a landmark, mixed used development of scale in the heart of Flemington, to attract keen interest from savvy developers. The shape and dual street frontages allow a future development to be staged with varying height and product," he said.
The sites are immediately surrounded by public amenity, retail, employment and public transport options, making a medium to high density, mixed-use development a logical and enticing development solution (STCA).