Buyer For Amcor Alphington Paper Mill Expected to be Announced Next Month

Colliers International selling agent John Marasco told The Age demand has been “very strong” for the 16.5 hectare Amcor Alphington paper mill, and that he expects a deal to be concluded by the end of the financial year, with settlement to occur later.
 
An Expression of Interest campaign for the development site, branded Alphington Mill, ended last month.
 
Despite the gloomy economic backdrop, it’s understood several developers, mostly privately owned, have pitched to buy the site, which could fetch as much as $150 million.
 
Vendor Amcor was blessed mid-campaign, by a decision by Planning Minister Justin Madden to rezone the land, and commit to fast tracking the development, which is expected to include about 2,000 dwellings, shops and offices.
 
Amcor’s site stretches from the south-east corner of Heidelberg Road and the Chandler Highway, south to the Yarra River. The site is spread over several streets, bound to the east by Parkview Road – where Amcor owns all but one house.
 
Amcor is set to vacate the property in June 2011, which should pave the way for immediate redevelopment.

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Marc Pallisco

A former property analyst and print journalist, Marc is the publisher of realestatesource.com.au.

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