Regeneration site to welcome rebirth as intergenerational community
LONDON: A suburban factory site is to find new life as a major new intergenerational community.
A factory site well passed its glory days could be the spot for Melbourne’s newest build-to-rent location.
With permits already approved to build, the industrial estate at 615 Warrigal Rd in Ashwood has been listed for sale by Cushman & Wakefield Melbco Development Sites in conjunction with Stonebridge Property Group.
Expressions of interest closed late last year with strong interest from residential developers, some specialising in build-to-rent properties.
Stonebridge agent Andrew Milligan said the spot was in a prime position to be an energetic community hub, being situated between both Monash University and Deakin University.
“The permits have all been approved, so the renders are as close to exact as we can get,” he said.
“It’s a big site and it does have a lot of potential.”
Mr Milligan said the size of the property made it both a unique listing and also gave it a different timeline for selling.
“There are a lot of factors that go into selling a property of this size,” he said.
“These things do take time to sell.”
With the permit approved plans measuring in at 87,070sq m, the future of the Warrigal Rd site could be a 12-storey development, inclusive of office space, a residential hotel, serviced apartments, residential dwelling and retail stores.
With the space to develop up to five buildings, the future has unlimited potential for any developer looking to sink their teeth into southeastern suburbs.
The annual income from the three warehouse spaces on the site is $420,734, which includes 150 car spaces and 7937sq m of building area.
Build-to-rent complexes have been popping up across Melbourne, moving with the evolution of the work day to cater for more people working from home.
With proximity to two universities, Holmesglen TAFE and Chadstone Shopping Centre, this could an urban oasis waiting to be realised.
Mr Milligan said the expected price was being kept under wraps, but that they expected to yield the expected result for the property “when the time comes”.
