Guy Nelson lists unbuilt The Village Alphington complex

Guy Nelson’s Alpha Partners is selling an as-yet-unbuilt commercial building within the master-planned Yarra Bend community taking shape in Melbourne’s inner north-east Alphington.

The Village Alphington (pictured, top) is speculated to be worth more than $170 million.

The complex earmarked for 640 Heidelberg Road, near the south east corner of Chandler Highway, will rise six levels and contain 10,000 square metres of office area.

It will also include 13,000 sqm of retail space with speciality stores.

Two full-line supermarkets, leased to Coles an Aldi, are anchor tenants.

Pending approval, a six-screen cinema is also mooted as part of the commercial project which is 52 per cent pre-committed.

The 16.5 hectare site is 6.5 kilometres from the Melbourne CBD.

The land which will be redeveloped as The Village Alphington is at the north edge of Yarra Bend, which is replacing a former AMCOR’s paper mill.

Colliers International’s John Marasco, Lachlan MacGillivray and Tim McIntosh are marketing The Village Alphington for sale.

The agents described the precinct’s retail catchment as under-serviced.

They added that the retail catchment around The Village Alphington is “about three times the size of a typical metropolitan supermarket catchment” and “with an approximate population of 75,000, forecast to grow at an average annual rate of 1.1 per cent to reach over 86,600 persons by 2021”.

“This is an unprecedented investment opportunity to acquire a landmark, future inner metropolitan super neighbourhood centre located within Melbourne’s most innovative urban renewal project,” Mr MacGillivray said.

The redevelopment will contain a mix of medium and high density dwellings.

“The offering will comprise a brand new, built-form mixed-use shopping centre in a well established affluent and rapidly growing catchment just 10 minutes from the CBD”.

Mr Marasco said The Village Alphington has already secured significant pre-commitments from national international tenants.

The centre will form part of a 16.5-hectare master planned urban renewal project, which upon completion will accommodate 5000 to 6000 residents within 2500 residential townhouses and apartments.

More than 5000 people are expected to live within Yarra Bend.

Yarra Bend will also include an aged care and serviced apartment complex.

Amcor sold the infill redevelopment site to Alpha Partners and Glenvill Group for $120 million in 2013. The two co-owners have since traded pieces of the site between each other.

Amcor had tried to offload the paper mill in 2009 and 2011.

Sydney developer Lang Walker was in negotiations to buy it in 2009. It was soon after this stage that the state government requested part of the site be used for a state school.

When that sale deal fell over, Amcor re-offered it in 2011.

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Marc Pallisco

Marc Pallisco

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

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