Guy Nelson lists unbuilt The Village Alphington complex

Alpha Partners, directed by Guy Nelson, is selling an unbuilt mixed-use commercial asset at the master-planned Yarra Bend, in Melbourne’s inner north-east.

The Village Alphington is speculated will be worth more than $170 million upon completion.

Earmarked for 640 Heidelberg Road, near the south east corner of Chandler Highway, it will rise six levels and contain 10,000 square metres of lettable area.

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

Two full-line supermarkets, leased to Coles an Aldi, are anchor tenants. There are also 13 specialty stores.

Pending approval, a six-screen cinema is also mooted.

Just over half of the commercial project has been pre-committed.

The land Village Alphington is earmarked for was formerly Amcor’s paper mill.

Colliers International’s John Marasco, Lachlan MacGillivray and Tim McIntosh are the agents.

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

“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 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”.

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

The centre will form part of a 16.5-hectare master planned project to accommodate 5000-6000 residents in 2500 dwellings.

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

Amcor sold the site to Alpha and Glenvill Group for $120m in 2013 (the co-owners have since traded pieces between each other).

The paper company had tried to offload it in 2009 and 2011.

Sydney developer Lang Walker was in negotiations to buy it during the first campaign; before the state government requested part it be used for a state school.

The 16.5 hectare Alphington site .

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Marc Pallisco

A former property analyst and print journalist, Marc is the publisher of