Major Residential Site in Melbourne Comes to Market

A major farming asset pegged for residential re-development has hit the market in what may be one of the largest transactions in this asset class for 2021.

Located at 1240 Mickleham Road, the property offers the last opportunity to deliver a significant land estate in Greenvale.

Outside of this property, only a handful of smaller, fragmented sites remain in private hands in what is considered Melbourne’s blue chip greenfield corridor.

The site, which has a total land area of 29.06ha, is being offered to the market by RPM Real Estate and has the potential to deliver 400 residential lots in addition to a 3.5ha government school and a 1.2ha community centre.

The site is covered by the Craigieburn West Precinct Structure Plan which commenced in 2018 and is now in its final stages before submission to the Minister for Planning.

In accordance with the draft plan, the land has been rezoned and will accommodate the last major housing estate in Greenvale.

In addition to the 400 lots, school site and community centre, the property also includes the heritage-listed Dunhelen homestead and barn built in 1860.

Considered of state architectural and historical significance, these offer substantial further potential either as a home or to support commercial enterprises such as hospitality.

Directly adjoining Peet’s Aspect at Aitken community, 1240 Mickleham Road has significant road frontage of more than 340m.

The sale is being managed by RPM Transaction Manager Zaynoun Melhem who said the Melbourne englobo land market is at an all-time high and they expected very strong support from buyers who understood the rarity of this opportunity.

“Greenvale is a blue-chip growth suburb without compare as there remains very little competition and very little future supply, hence, this site will finalise development of scale for the suburb,” he said.

“Further north in the precinct structure plan, we’re going to see projects by the likes of Stockland, Peet, Pask, Bathla, Ho Bee Land and more. Every homebuyer heading to these projects and the expanding growth front at Mickleham will drive past this project. The exposure is second to none.”

RPM’s managing director of transactions and advisory Christian Ranieri said Greenvale’s high median house price and strong developed lot values positioned the property as one of the highest calibre opportunities the market had seen.

“Greenvale has a median house price of $813,250 and developed lots are selling for more than $1200sq m,” he said.

“Numbers like this are almost unheard of in Melbourne’s growth corridors.

“Greenvale is an aspirational suburb among homebuyers in the northern corridor and, as the last major site with a Greenvale address, this is truly the last opportunity for a developer to capitalise on this demand.

“The property has already received very high levels of interest from local, national and overseas developers who realise the significance of the offering.”

The Mickleham Road is for sale by expressions of interest, closing October 21, 2021.

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