Is Greensborough the next residential development hot spot?

Posted by Development Ready on Nov 21, 2018

It’s often been said that successful developers and investors always have their ‘fingers on the pulse’. Trends are recognised, opportunities are uncovered and projects are explored.

This intuition, however, is not easily maintained; fundamentally it requires lots of honest conversations and news from people on the inside. The team at Development Ready are in contact with developers, investors, real estate agents, vendors and buyers every day. Potential trends rear themselves often, but lately one area in particular has been consistently on our lips, causing us to ask the question, is there something in the water in Greensborough?
 

Greensborough – a residential and mixed-use development dream

This leafy suburban precinct, just 19km north-east of Melbourne’s CBD, has seen a recent pick-up in the number of development projects started and number of opportunities on market through the 2018 year.

Through the late 20th century, and into the early 21st, Greensborough has been renowned for its spacious modern homes and suitability for family life – a stroll around the block reveals that it isn’t difficult to understand why.

A multitude of schools in the area allow for education from primary to tertiary and public transport makes getting around easy. The Greensborough Plaza Shopping Mall and local ‘Main Street’ retail precinct provide countless stores for convenience, pleasure and entertainment. It’s a suburb where residents are able to enjoy all the urban pleasures brought on by its proximity to the city, while still preserving a sense of ‘the bush’ and escape on their doorstep.

All these factors and more help to explain why Greensborough is such an ‘in-demand’ residential market and currently has a median house price of $817,500 and a median unit price of $574,000 (Core Logic).
 

An aging population where downsizing is the future

The denizens of Greensborough are predominantly made up of ageing couples, mature couples and families; it’s in here that lies opportunity.

The average age of Greensborough residents is between 40 and 59; rooms in these large family homes are becoming less-frequently used as children grow up and move out. However, the community feel and neighbourly atmosphere remains. Many couples will soon find maintaining their large homes and sizeable gardens arduous.

Planned State Government infrastructure in the area is set to bolster demand from young families and singles who are looking for city-fringe suburbs with an ease of access. The new North East Link project is set to achieve just this, linking an upgraded Eastern Freeway to the M80 Ring Road and bringing enhanced connectivity to the south-east, whilst also alleviating city-bound congestion. Public transport commuters will also benefit from the project as a dedicated bus lane takes them direct into the city.
 

Apartments, town homes and duplexes on the horizon.

We’re not the only ones looking at, or discussing, the favourable development attributes found in Greensborough. Currently there are a number of Development Approved and Potential sites for sale listed with us.

These projects have taken into consideration what assets best suit the space, both in terms of viability for development and for the end-user and future of Greensborough.
Here are just a few in the area…

47 Grimshaw Street – Cushman & Wakefield
Development Approved
Mixed-use development (Alternative townhouse & mixed-use schemes available)

This 920sqm corner site is being offered to the market with development approval for a mixed-use project; there are also alternative schemes available for other mixed-use and townhouse projects.

This flexible property is within easy walking distance to all of Greensborough’s amenity; including bars, cafés, aquatic centre and train station. 47 Grimshaw Street is truly an exciting opportunity that gives developers and investors freedom to tap into their creative cognition; we’re looking forward to watching this unfold.
View listing here

106-126 Main Street - CBRE
Development Potential
Landmark corner site; Mixed-Use Opportunity

This significant 5,778sqm corner landholding boasts 143m of street frontage and marks the gateway to Greensborough. Being situated within the Greensborough Activity Zone, this site has been selected as a key strategic development site and has been afforded the most favourable height allowance (89m AHD) in the area.

Only 100m from the train station and positioned directly opposite Greensborough Plaza, this project is destined for an impressive mixed-use project; and designs have already been sketched for such an undertaking.
View listing here

Lots 13-26 Whittingham Circuit – Knight Frank
Development Approved
14 Townhouses

This 4,733sqm expanse of land, just moments from the heart of Greensborough, provides a sense of tranquillity that belies its urban proximity. The surrounding amenity is conducive to a multitude of lifestyles, with Greensborough shopping precincts, local schools and public transport are all nearby and the Plenty River and Yellow Gum Park easily reached on foot.

The property is to be sold with Development Approval for 14 large town-homes with Pplot sizes between 266 to 493sqm. The majority of homes are two-storey, and given that the area’s median house price is over $800,000, this opportunity to provide more quality housing options to a high demand area, is almost too good to be true.
View listing here

4-6 Flintoff Street – Morrison Kleeman
Development Approved
62 apartments + 1,000sqm of retail and office

This prominent corner site, in the heart of Greensborough’s thriving residential, retail and commercial precinct, has recently been placed on the market with some striking approved plans.

62 apartments, in a variety of configurations, have been designed above an expanse of retail and commercial suites. This development will surely be one of the most captivating additions to the neighbourhood that residents will see for the next several years.

The location too is hard to beat, with all of Greensborough’s aforementioned amenities accessible via a short stroll. Detailed plans are available for view upon request and there is added advantage of commencing pre-sale marketing at the earliest opportunity. 
View listing here


To view more development opportunities in and around Greensborough click here.

 

*NOTE: This article is not a definitive assessment as to the overall state of the market, but should serve as a guide to highlight how respective sectors of the property market are dealing with change.