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.
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.