Council lists site after slicing piece for park
A major apartment complex at the west end of Bell Street might be back on the cards with the local council listing a site it bought from a developer in 2023 after slicing a corner for a park.
More than $8 million is expected for the 4023 square metre holding, 498-514 Bell Street, also exposed to York and Wills, at the T-intersection of Reynolds Parade.
Zoned Commercial 1, the property could also accommodate quick service retail or a variety of essential services product.
Coincidentally, part of the property once accommodated a Caltex service station.
Savills’ Julian Heatherich, James Latos and Benson Zhou are the agents.
The deal comes six months since we reported a 24/7 healthcare centre would be developed at 324 Bell St, Pascoe Vale South, following a pre-commitment.
CBRE’s Sandro Peluso and Kai Wang brokered that deal.
Parkside block
As part of the A Park Close to Home program, which uses developer contributions to deliver more public space, Merri-Bek City Council paid $17.7m for what was then a 6634 sqm block also exposed to Westgate St (continues below).
The land was previously permitted for a mixed-use complex with 131 apartments in a five level building, 17 townhouses, a supermarket, medical centre and 225 car parks.
The garden, branded York Street Park, was completed last year.
Merri-Bek is one of numerous metropolitan councils which use proceeds in this way.
In 2024, we reported the City of Stonnington outlaid $12m for a Glen Iris home on 3934 sqm, with plan to repurpose the property for a park.
Meanwhile earlier this year the City of Yarra bought part of a road in Richmond from VicTrack to extend the Stewart Street Reserve.
Pascoe Vale South is about eight kilometres north of Melbourne’s CBD.
Subscribe to our newsletter at the bottom of this page.
