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Melbourne's Riverside About to Undergo Apartment Building Boom

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Written by Marc Pallisco   
Saturday, 02 April 2011 00:00

RIVERSIDE Kew and Hawthorn residents share a phenomenon with Williamstown and Footscray residents – whereby eyesore factories on prime waterfront sites are tolerated because “they are better than flats”.

While remediation may prevent redevelopment of some western suburb industrial sites, however, plans are advanced to build new residential villages on former commercial blocks along the Yarra River, and particularly in Abbotsford.

Macquarie Capital is the latest developer to capitalise on the imminent riverside building boom, offering for sale a 5264 square metre block at 16 Flockhart Street with a permit for a 310 unit skyscraper village within a 12-storey complex (pictured, right).

The complex will abut a sharp bend in the Yarra River near the Walmer Street footbridge.

Upon completion the redevelopment will stare at a $250 million, 586 unit riverside complex being developed by Hamton on the site of two low-rise office buildings, opposite Victoria Gardens in Victoria Street. That proposal will include a prominent 11-level tower.

Developers Salvo Property Group and Salta have also recently marketed riverside Abbotsford apartment complexes.

Colliers International’s Pat Burke and Jeremy Gruzewski are marketing Macquarie’s site, which is expected to arouse interest from large-scale, private and institutional developers and sell for about $15 million.