George Ters lists central Footscray site

EXCLUSIVE

Private investor George Ters is selling a large and permit-ready development site adjacent to the Footscray train station.

The 6916 square metre plot at 3 McNab Avenue is being offered with a permit for two buildings rising seven and 18 storeys and proposed to contain budget hotel rooms, offices, retail, workshops and self-storage units.

The land was once part of a 1.3 hectare parcel controlled by state government arms, VicTrack, then Development Victoria, the latter which master-planned it to make way for a $350 million mixed-use village containing offices, retail and 590 apartments (250 of which were configured as student accommodation).

This larger site was then split: a subdivided piece known as 1 McNab Avenue, was replaced in 2014 with an office for State Trustees and Citi West Water.

An aerial image of the site (shaded) and the Melbourne CBD about four kilometres away.

In 2017, Development Victoria sold 3 McNab Avenue to Mr Ters for more than $10 million.

Colliers International’s Jozef Dickinson, Trent Hobart and Hamish Burgess, have the listing this time around. They are marketing the holding as Footscray Connect.

The brokers said 3 McNab Avenue benefits from “an ideal location” walking distance to Footscray Plaza, the Barkly Square retail precinct and Victoria University.

The proposed new Footscray Hospital, and the West Gate Tunnel project are also in the vicinity.

Melbourne CBD is about four kilometres away.

On Wednesday we reported that former Impact Investment Group director Chris Lock sold one of Footscray’s most prominent buildings – a former wool store, at 90 Maribyrnong Street, once the headquarters of travel guide, Lonely Planet, to Planum Partners, for $33.1 million.

Last week we reported, exclusively, that Development Victoria listed a collection of sites measuring a total of 1.9 hectare in central Dandenong (pictured, below) – again via Colliers International.

An aerial image showing the Dandenong sites (shaded) available for redevelopment.

Marc Pallisco

A freelance property writer and analyst, Marc is a co-founder of realestatesource.com.au.

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