Market Insights

29.07.2020

Large infill site in Melbourne’s North to hit the market

A major infill site at Broadmeadows in Melbourne’s northern suburbs looks set to attract a suite of developers vying to position themselves to maximise the site’s enormous potential in one of Melbourne’s most dynamic residential growth areas.

CBRE Victorian Development Sites agents David Minty, Nathan Mufale and Alex Brierley have been appointed to market the property via a public Expressions of Interest campaign on behalf of domestic energy giant Jemena.

The land is surplus to Jemena’s needs. Highly suited to mixed use residential, aged care or retirement living development, the 34-46 King William Street property comprises a 1.4 hectare landholding with 111 metres street frontage.

In addition, the property boasts substantial existing improvements including a 1,500 square metre office building, multiple access points and substantial onsite car parking, suitable for a range of businesses and owner occupiers.

The offering benefits from its proximity to Broadmeadows Central (250 metres). The centre comprises major retailers such as Big W, Kmart, Woolworths, Aldi and Chemist Warehouse. In addition to this, the nearby Broadmeadows Homemaker Centre and Melbourne Polytechnic Broadmeadows campus and Broadmeadows Reserve all surround the offering.

Forming part of a designated ‘urban renewal precinct’ with an approved framework plan, the property is earmarked as a future ‘mixed use precinct (residential and employment)’.
The property is directly neighboring Rendition Homes’ major mixed-use masterplan ‘Kingslea’ which is currently under construction.

CBRE agent David Minty said “with Broadmeadows median house price having increased by 14.5 per cent over the past three years, the sale was well timed.”

Mr Minty said Broadmeadows was an attractive location for residential investors. “Buyers are searching for affordable options, due to straining affordability throughout the Melbourne residential market. Broadmeadows currently holds one of the lowest median house prices of any suburb within 15 kilometres of the Melbourne CBD, despite its median growth from $481,000 to $550,000.”

“There is massive demand for housing in this region which is unlikely to be satisfied in a market which is very short on appropriately zoned or earmarked development sites.” Mr Mufale added.

Expressions of interest for the property close in August 2020.

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