Hamton and ISPT Buy Abbotsford Site on Banks of the Yarra River, Apartments Planned

In an unusual move, two fully leased and fully functional office buildings in Victoria Street, Abbotsford, opposite the Victoria Gardens Shopping Centre and Melbourne’s only IKEA store, will be demolished.

In their place will be a new $200million residential village, capitalising on the site’s location on the banks of the Yarra River and the cusp of Kew and Hawthorn.

The site was reportedly purchased for about $30 million just before Christmas last year. The new owners are a development consortium including Hamton and Industry Superannuation Property Trust – part owner of the site in Spencer Street from which The Age is moving soon.

The developers expect to lodge plans with the City of Yarra to develop the Victoria Street site by the middle of the year.

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Marc Pallisco

A former property analyst and print journalist, Marc is the publisher of realestatesource.com.au.