Developer spends $20m for west Melbourne block
A prominent west Melbourne commercial development site offered for sale over five times since 2009 has finally traded.
The 2.48 hectare rectangle block, 35-55 Forsyth Road, Hoppers Crossing, achieved just over $20 million from a local group.
Also exposed to Old Geelong Road, a large format retail project is planned.
“Zoned Industrial 3, the site represents the last remaining substantial infill development opportunity within this exceptionally tightly held precinct,” Gross Waddell ICR agent Alex Ham, who marketed the property with Raff De Luise and First National Westwood’s Eugene Bonanno, said.
“Positioned as a strategic gateway site, it enjoys excellent connectivity to major highways, key arterial road networks and Melbourne’s CBD, offering outstanding access and convenience for future business and development outcomes,” he added.
Another Hoppers Crossing deal
The Hoppers Crossing property is less than a kilometre from the Princes Freeway (continues below).
Forsyth Road is an interchange.
The deal comes a fortnight since we reported owners of neighbouring large format retail investments, covering 1.2ha between 52-64 Old Geelong Rd, including a prominent Spotlight store, sold to a single buyer.
That transaction was worth $23.8m.
Hoppers Crossing is 24 km west of the CBD.
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