A transport consortium has listed for sale a landmark island site in Melbourne’s booming inner west with a scheme in place for a $200 million-plus mixed use development.
Colliers International’s Trent Hobart, Bryson Cameron and Tom Noonan have been exclusively appointed to sell a 14,410sqm island site at 43-57 Buckley Street in Seddon.
The site, marketed as The Proximity Site, has for years been the home of the Transdev bus depot.
“The Proximity Site represents an undeniable mixed use development opportunity which is considered by many to be located in the heart of one of the fastest growing and re-gentrifiying locations in Melbourne,” Mr Hobart said. “Located opposite Victoria University, within walking distance of two train stations and only 5km from the CBD, this site has the key ingredients for a successful development.
“The future development of this site is exceptionally flexible. The Proximity Site offers developers the opportunity to develop a residential, retail, commercial or a major mixed use development on a significant island site of Activity Centre zoned land.”
The Proximity Site is being sold with a preliminary development scheme for a 4,430sqm full line supermarket as part of a development scheme prepared by leading architects Rothe Lowman which also includes 399 dwellings and 557 car spaces.
Mr Noonan said there was an offer from Woolworths to enter into an agreement for lease for a 20-year initial lease term over the ground floor retail component.
The site is situated in an area recently rezoned from a Public Use Zone – Tranport to a Central Activity Zone.
“This is one of the most prominent island sites in Melbourne,” Mr Cameron said. “Set amongst a mixture of both residential, commercial, and education uses, the Activity Centre Zone lends itself well to future high-to-medium density development for residential, retail or a mixture of both uses.
“Located directly adjacent to Victoria University and is bound by Buckley Street, Walter Street, Arran Street and Albert Street, there is no question The Proximity Site provides developers and ultimately residents and tenants the best that Melbourne has to offer, right on its door step.
“Seddon, one of Melbourne’s up-and-coming areas, is about 5km from the heart of the CBD and has enjoyed an unprecedented period of residential growth over the past 24 months.”
Mr Noonan said: “Being located in the booming inner west of Melbourne, the property is surrounded by an abundance of retail amenity, fresh food markets, education facilities, hospitals, schools, public transport and sporting facilities.”
Nearby attractions and amenities include the Seddon and Yarraville retail strips, Heavenly Queen Temple, Flemington Race Course, the Barkly Street retail precinct, Maribyrnong River bike paths, Melbourne Star, Docklands and Whitten Oval.
Public transport is accounted for, with Footscray and Middle Footscray train stations nearby.
The property is currently being leased by Transdev Melbourne and will be offered as a going concern with a freehold title. The current net income is $1,152,000, expiring on July 31, 2016.