A substantial development site with permits for 210 apartments in Footscray’s burgeoning Joseph Road precinct is expected to generate strong competition amidst increased activity in one of Melbourne’s key urban revitalisation areas.
Colliers International’s Hamish Burgess and Jeremy Gruzewski, in conjunction with Teska Carson’s Larry Takis, have been appointed to sell 10 Moreland Street in Footscray amidst growing interest in the suburb from local and offshore investors and developers.
Agents expect interest above $7 million.
Mr Burgess said Footscray is a vibrant suburb with an equally bright future. The suburb has moved from strength to strength and is only expected to continue to grow.
"As such, we are already receiving significant interest in 10 Moreland Road and expect potential purchasers to jump at the chance to make their mark on this evolving Melbourne precinct.
“Located 4km west of the Melbourne CBD, Footscray has experienced strong growth, gentrification and revitalisation due to its prime city fringe location, access to the CBD and strong underlying medium house price.
Mr Burgess said 10 Moreland Street, is located at the heart of this thriving inner city suburb.
“Benefiting from a spectacular aspect towards the Melbourne skyline, phenomenal views across the Maribyrnong River, ease of access to train stations, the Melbourne CBD, Victoria University, Flemington racecourse and much more; the location of this site is hard to beat,” he said.
The regular-shaped and efficient 1,277 square metre (approx.) site has three street frontages and a planning permit for a mixed-use development comprising 210 apartments over 26 levels, along with four retail spaces and 177 car parks.
The site falls within a ‘Priority Development Zone’ under the City of Maribyrnong Planning Scheme.
According to the ABS, the population of Footscray in 2006 was 11,388 people. By 2011, the population was at 13,203 showing a population growth of 16 per cent in the area during that time with a median age group in Footscray being 32 years.
“The framework for this precinct seeks to create a vibrant mixed-use area that, amongst other things, reconnects Footscray to the Maribyrnong River with the opportunity for an active street life of cafes, restaurants, parks and plazas and waterway activities.
“Footscray, and specifically 10 Moreland Street, are well connected by train, road and bike paths to Melbourne’s key landmarks. Education, industry, entertainment, sporting arenas and the Melbourne CBD are all within easy reach,” Mr Burgess said.