Melbourne’s booming Inner-West continues to flourish with development activity, buoyed by strong sales over the past quarter and an increased recognition of its status as one of the City’s most in demand and rapidly expanding precincts.
The latest opportunity, sure to short-circuit the already flat-lining Spring development market, comes courtesy of a joint listing between Cushman Wakefield & Colliers International.
Situated in the diverse suburb of Footscray, 3 McNab Avenue presents as a mixed-use development opportunity spread across some 6916sqm of land – all within a mere six (6) kilometres from Melbourne’s vibrant central business district.
The site offers a pre-existing planning permit for a mixed-use, eighteen (18) level development, allowing for savvy investment groups and developers alike the opportunity to bypass rigorous council delays and progress into the immediate development and construction stages.
With a plethora of amenity and transport options including Footscray train station, Victoria University and an ever evolving, active retail precinct this opportunity caters to developers on any level within both the domestic and international marketplaces.
Colliers International director Trent Hobart says "This development opportunity represents all the best parts of a city fringe development site, including being 100 metres to the train station, adjoining parkland, merely metres to a full range of retail amenity and ‘unbuildoutable’ full CBD skyline views spanning the entire length of the site".
"The planning permit in place is for a substantial, staged predominantly residential development of up to around 32,000 sqm of net saleable area and being quoted at $10,000,000 +, this represents one of the most profitable development opportunities available".
Cushman Wakefield director Patrick O’Callaghan says
“The approved permit for 3 McNab Avenue, Footscray allows for a mixed-use development project which is centrally located to all of the major retail and amenity hubs that the West has to offer. The permitted site is perfectly positioned to capture current demand of mixed use development opportunities and is clearly one of the best site the market has seen in 2016"
Expressions of Interest: Closing Thursday 27th October 2016
For more information or to contact the exclusive Agents, CLICK HERE.