A Chinese conglomerate has scooped up the former Bradmill site in Melbourne's Yarraville for $172 million.
Purchased from property identity Colin De Lutis' De Group, this massive transaction is a first for Beijing's Chang Sheng, signifying an Australian debut.
Dubbed Yarraville Gardens, the mega 52.4-hectare development is earmarked to become a new inner city community in Melbourne with an end value of $2.2 billion, featuring dwellings and a shopping centre.
Peddle Thorp Architects has been assigned to design the project, with a master plan for the future community, which will span five to seven years, that has been approved.
Their plan includes a community garden centrepiece surrounded by a mix of residential properties. This mix includes a range of townhouse and apartment buildings that have been designed to create varied streetscapes of different forms and to capture extensive views to the bay, panoramic views to the City Skyline and views to the North of the City towards the Airport.
The design includes two landmark towers at each end of the garden spine. It is intended that these higher apartment towers “anchor” the site, with the Eastern Tower forming a gateway to the site and the Western Tower terminating views along the garden spine.
According to the Australian Financial Review, the community will yield approximately 3,750 dwellings, however Yarraville's development boasts the ability to increase in density if required.
Aside from the residential aspect of the development, there will also be a community shopping centre with two supermarkets on approximately 52,000 square metres in gross floor area. This forms a neighbourhood activity centre with ‘retail street’, coffee shops, community facilities and the Yarraville Community Library.
The site was originally sold for about $160 million last year and has gained significant upside thanks to the Victorian government's height restrictions in the Melbourne CBD which pushes out tall towers to suburbs like Yarraville.
Transurban's Western Distributor will also provide congestion relief for those living in western suburbs like Yarraville, six kilometres west of the CBD. The western side of the site can also be used to service the Port of Melbourne into the Western Distributor.