Footscray is emerging as one of Melbourne’s fastest growing residential hubs, with the recent sale of a development site for more than $7.5 million, evidence of the area’s changing landscape.
Located at 41-49 Robbs Road, the 7,879 square metre site includes three street frontages and is located opposite picturesque parkland, approximately 8 kilometres from the CBD.
CBRE’s Paul Tzamalis, who negotiated the sale in conjunction with fellow agents Jamus Campbell, Mark Wizel and Fitzroys’ Chris Kombi and Dean Alexander, said the property benefitted from a General Residential Zone and was well suited to accommodate a medium to high density development.
“The development ready site represented a truly unique opportunity to undertake a landmark project in the area and take advantage of the suburb’s growing residential appeal.”
“Formerly an industrial hub, Footscray has undergone a major gentrification over the past five years, transforming into one of Melbourne’s most affordable and in demand suburbs, popular among young families and investors.”
Fitzroys’ Chris Kombi said urbanisation of the former manufacturing hub had seen strong growth in the area’s residential base and a significant uplift in residential prices.
"Positioned opposite parklands and in close proximity to shops, schools, public transport and arterial links, the property provides an outstanding opportunity to undertake a landmark medium to high density development," Mr Kombi said.
The site’s appeal was reinforced by its development ready status, which was brought to fruition by transaction manager
Simmy Abraham of ConnectPlus who oversaw the sale process on behalf of the landowner.