Time & Place, in an equal partnership with the Buxton family’s asset manager and finance arm, Corsair Capital, has spent $48 million for the 2.1 hectare top tip of the ex-Amcor paper mill, in Alphington.
The largest and final lot within what is now a 16.5ha master-planned mixed use village, YarraBend, was offered by Alpha Partners director Guy Nelson permit-ready for a $500m project with retail, office and Build to Rent residential with significant affordable housing.
The new owners intend to build about 600 dwellings, as well as a Coles supermarket, co-work commercial building and childcare centre – all up c25,000 sqm of non-residential space.
The BTR component will be retained upon completion, with Time & Place representing several key stakeholders to build a portfolio of c2000 dwellings for a fund.
Mr Nelson and Glenvill acquired the then-industrial Alphington site for c$120m in 2013 – later pushing forward plans to build c2500 apartments and townhouses around new roads.
Caydon is developing a 16-storey residential project with 324 flats on a 7421 sqm slice it acquired for $29m in 2017.
Alphington is about seven kilometres north east of Melbourne.
Extraordinary from a funding perspective: Corsair
Corsair founder and executive chairman Michael Fowler said the group became involved with the site, 640 Heidelberg Road, walking distance to Alphington train station, through a debt deal with the previous owner.
“In our view the opportunity to participate in the development, from a funding perspective, on such a large and unique site was extraordinary,” he added.
“We recognised early on that the development required the right team and experience,” according to the executive (story continues below).
“Time & Place, through [director] Tim Price, offered us a compelling solution and our investors a great level of comfort”.
The BTR component of the project will contain a landscaped private podium.
Also forming part of the design is a community centre and town square which the owners will give to council upon completion.
“This substantial acquisition will allow for a development that looks beyond the purely functional, with focus centred on finding the balance between accessibility and connectivity, establishing a true neighbourhood,” Mr Price said.
“The area as it stands is predominantly residential,” he added.
“Our BTR offering anchored by a Village Precinct, will go further to both fostering a greater sense of community through shared spaces while also adding a diverse mix of housing options,” according to the executive.
“We see a great opportunity to help shape a new neighbourhood by offering high quality housing with great amenity to people from all walks of life.
“When assessing sites, it’s imperative to us that we consider all aspects, including how we see people living there in the future.
“Alphington is a phenomenal location and ticks every box in our book”.
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