Cedar Woods lists North Melbourne development site

Perth-based developer Cedar Woods is offloading a North Melbourne site permit-ready for 15 luxury townhouses (artist’s impression, top).

The 1411 square metre block at 88 Leveson Street is expected to sell for more than $8 million, according to local agency sources.

Zoned Mixed Use, the parcel could make way for another development outcome like an office or hotel.

The property is about 150 metres from the Errol Street retail strip and three blocks from the Queen Victoria Market.

Cedar Woods paid $9.8 million for 88 Leveson Street last year before obtaining the redevelopment permit, which allows for a five level structure.

The property at 88 Leveson Street, North Melbourne, as it looks today.

A double-storey building on site (pictured, above) was leased to Patrick Badges, a business which has operated in Melbourne for more than 80 years.

It is understood the townhouse proposal is now considered too small for Cedar Woods’ portfolio and it wants to free up cash for larger developments, amongst them, residential and commercial components of its Williams Landing master-planned village, in Melbourne’s west.

The agents marketing North Melbourne – Knight Frank’s Stephen Kelly, Ed Wright and Danny Clark, with Teska Carson’s Adrian Boutsakis and Larry Takis, declined to comment about the identity of the vendor, when contacted.

The brokers are managing an expressions of interest campaign closing on August 21, 2019.

Elsewhere in the suburb, Fridcorp is selling 3-15 Shiel Street with a permit for a nine-level building containing 82 dwellings.

Elsewhere in the suburb, local developer Fridcorp is selling a 1311 sqm block permit ready for a nine-storey residential building, at 3-15 Shiel Street (artist’s impression, above).

Luxury car dealer Nick Theodossi is also selling $150 million worth of building blocks in this pocket: two properties covering 1.5 hectares of land are for sale individually or as a whole, targeting apartment builders.

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Marc Pallisco

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