A permit-ready development site – described by the selling agents as one of the year’s best opportunities – has hit the market near the North Melbourne train station, which is under construction as part of the $11 billion Melbourne Metro Rail Link.
The high-profile 3068 square metre North Melbourne site at 36-58 Macaulay Road, on the north-east corner of Haines Street, is permitted to make way for two buildings, of 13 and 10 levels, and containing a total of 180 dwellings.
Upper level dwellings in any redevelopment will enjoy south-facing view lines over Gardiner Reserve, to the Melbourne CBD about a kilometre away.
Vistas of the North Melbourne Football Club, which abuts the site for 61 metres to the west, are also secure.
A couple of hundred metres away from the site, CBD Developments recently completed Arden Gardens, which includes a ground floor shopping centre anchored by Woolworths and apartment buildings rising 16 levels.
Vinci Carbone directors Frank Vinci and Joseph Carbone are marketing 36-58 Macaulay Road for owners which used the site as a taxi depot.
The holding is next to a 12-storey apartment project.
Fridcorp also owns a site in the immediate vicinity: 3-15 Shiel Street is permitted for a nine-level building containing 82 dwellings.
Perth-based Cedar Woods controls a nearby 1411 sqm site at 88 Leveson Street which was recently permitted to make way for a five-level complex containing 15 townhouses.
In May we reported that luxury car dealer Nick Theodossi was selling 1.5 hectares of land in the area, rumoured to be worth more than $150 million. Mr Theodossi is marketing the site with a planning scheme for five 17-storey residential buildings.
The new North Melbourne train station is due for completion in 2025.
It will connect the precinct known for years in planning circles as Arden, to the Shrine of Remembrance via Parkville and two CBD stops.
The government announced two years ago that the station would be called North Melbourne (the current North Melbourne train station will be renamed West Melbourne which is consistent with the suburb it is located in).
Land around the new North Melbourne station is subject to a precinct structure plan which will encourage high density residential redevelopment of industrial sites.
Early last year, a 13-level office building was proposed for a block next door to the Is Don is Goods silos – which is arguably Arden’s highest profile property.