Savills Melbourne has been appointed by VincentCare Victoria to sell two prime North Melbourne landholdings, to assist in the funding of its $47 million Flemington Road development of a state-of-the-art facility to assist people experiencing homelessness.
The properties, 260-274 Abbottsford Street and 68-74A Chapman Street, North Melbourne are both primed for development or rejuvenation at a time when North Melbourne is increasingly being recognised for its abundant amenity and location on the doorstep of the Melbourne CBD
260-274 Abbottsford Street (corner Arden Street) has the advantage of three street frontages and a land area of 856 square metres. The land is zoned Mixed Use, offering the buyer full flexibility of future use.
68-74A Chapman Street comprises a huge 3,062 square metre site zoned General Residential 1. As part of its realization strategy VincentCare has secured a planning permit for the property, allowing the development of 19 spacious townhouses which is likely to prove particularly attractive to developers seeking to take advantage of strong conditions for quality housing in the area.
According to selling agents, Savills’ Clinton Baxter, Nick Peden, and Jesse Radisich, the properties are likely to be keenly sought by a wide range of potential purchasers seeking prime landholdings in North Melbourne for development, investment or owner-occupation purposes.
Mr Baxter said “It’s a fantastic opportunity for the buying market, with two very different purchase opportunities occurring concurrently within tightly-held and highly sought North Melbourne. The stringent planning controls that limit development throughout much of North Melbourne to 3-4 levels are actually making the suburb even more desirable to developers, as they know that there will be very limited competition from other developments, they can build high quality boutique projects, and the future integrity of the suburb will be retained.”
The properties are for sale via Expressions of Interest closing Wednesday 25 October at 2pm and are likely to sell for a combined price of at least $15 million.
VincentCare Victoria is being represented by EY as transaction manager.