A 9,000 square metre Cowper Street development in Footscray has been sold to an off-shore developer in the inner western suburbs.
Located within Footscray’s Central Activity Zone and just five km from Melbourne’s CBD, the 2/52 Cowper Street property was sold with a development scheme comprising up to 500 apartments over four, 8-14 level towers with 454 car spaces and ground floor retail. The 9052 square metre corner site with 180 metres frontage was sold vacant, cleared and ready for construction.
The vendor, Places Victoria, purchased the site in May 2011 for $11.5 million.
According to selling agents, Savills’ Directors, Julian Heatherich and Nick Peden, the expressions of interest campaign generated considerable interest from local, interstate and overseas developers keen to tap into Melbourne’s booming apartment market.
"We had significant enquiry from a broad range of prospective purchasers including syndicates and funds and local and off-shore investors and developers," Mr Heatherich said.
"There is no doubt that we are in the midst of the most extraordinary apartment market, in terms of both new construction and investment, we have ever seen in Melbourne and possibly Australia.
"Melbourne's nation-leading population growth and most liveable city status are obvious drivers along with the influx of huge amounts of foreign capital which has forced local investors and developers into a very competitive market.
"In that context it is not surprising that we are seeing these sort of results in city fringe locations."Mr Peden said the elevated site offered the potential for uninterrupted CBD views as well as immediate proximity to Footscray Railway Station and significant retail amenity.
"This is a premium inner-city super site, ideally located within one of Melbourne's key growth locations at the gateway to Footscray’s central activity core and with the sort of flexible zoning which encourages intensive residential development.
"It really presented as the whole box and dice for apartment developers,’’ Mr Peden said.