Developer R&F Property has called it quits on its main project in Melbourne’s Footscray as it announces the sale of the Kinnears Precinct.
The Kinnears Precinct at 124-180 Ballarat Road, Footscray, is a 2.99ha site with the former Kinnears Ropeworks factory buildings that was earmarked to deliver more than 1200 homes.
An approved development plan for the housing comes with the site, which has both stretches of vacant land and older warehouse buildings, including one recently renovated heritage building.
Stage 1, Live City, was completed in 2019 with a tower on part of the site along Ballarat Road with 208 apartments.
A display suite was built for Stage 2, Millhouse Residences, which would incorporate much of the existing Ropeworks Factory buildings into the design.
Plans for Millhouse, which would front on to Kinnear Street, include 95 apartments, a rooftop garden, an outdoor cinema, a co-working space and a retail space.
Hayball designed the plans for the precinct, which would also include laneways, a plaza, health and wellness tenancies and retail and cafe spaces.
R&F Property has now chosen to sell the site for a sum said to be about $40 million to an unnamed local developer.
Cushman and Wakefield’s Joe Kairouz, Hamish Burgess and Leon Ma brokered the sale after a campaign that had interest from local and international developers.
“The site’s significant scale, mixed-use zoning, approved staged development plan, and proximity to major employment hubs and lifestyle amenities attracted widespread interest, with a locally based developer ultimately securing the site under highly competitive terms,” Kairouz said.
The Victorian Government has identified Footscray as a priority precinct to allow for investment to develop it as a hub for housing, commercial and cultural uses.
Footscray Hospital, under construction, is a short walk from the site.
The site is two train stops or 5km from the Melbourne CBD.
A fire broke out at the site in July 2024.
The site was then put on the market in August 2024.
R&F Property was contacted for comment prior to publication.
