LBA Capital snares long-vacant, former MFB office, in Moonee Ponds
Development will take place – finally – at the site of a Moonee Ponds office acquired by the Melbourne Fire Brigade in 2010, and left vacant since.
The MFB sold 579-591 Mt Alexander Road for $6.75 million early last year.
That purchaser immediately sought to replace the 1608 square metre block with a six-storey building containing 57 apartments and four ground floor shops.
The land is zoned Activity Centre 1.
Last month, the site was listed for sale by Savills’ Jesse Radisich and Julian Heatherich with Knight Frank’s Danny Clark, Ed Wright and Stephen Kelly.
No agent would comment about the sale price, speculated to be more than $7 million.
But of the campaign, they said more than 200 enquiries were received.
There was “substantial interest” from developers considering re-purposing the approved building shell into an office.
The purchaser, South Melbourne based developer LBA Capital, is settling on the deal in 14 days.
The site has a second and prominent street frontage to Ascot Vale Road which, like Mt Alexander Road, is serviced by trams.
A couple of blocks to the north is the Moonee Ponds Junction, a major bus depot, and the Puckle Street retail strip.
The Moonee Ponds train station is about 550 metres away .
Last December we reported that a China-based developer paid $12 million for the Phillips Arcade at 31-43 Puckle Street – which occupies a 1887 sqm plot with the potential for high-density redevelopment.
Caydon’s $650 million Mason Square – a redevelopment of former Moonee Ponds Market land – is under construction a couple of blocks away.
A seven level building is under construction in the immediate vicinity (350 Ascot Vale Road).
The 579-591 Mt Alexander Road office was one of three properties listed by the MFB in October, 2017.
A car park on a 1106 sqm holding at 325 Ascot Vale Road traded separately for $3.75 million.
The third property, a 1630 sqm block, was in Croydon, about 27 kilometres east of the Melbourne CBD.
