LMS Group’s Ascot Vale HQ sells for c$11m as townhouse site

Nine Newsom Street in Ascot Vale was offered with a permit for 38 townhouses.

Leisure Management Group’s headquarters, in a residential Ascot Vale pocket, has sold to for a speculated $11 million.

The battle-axe shaped site at 9 Newsom Street was offered by a local private investor permit-ready for 38 large townhouses.

Also with frontage to Hurtle St, the land is opposite Mirvac’s recently completed $160m Enclave housing estate, with 246 dwellings.

It is in the immediate vicinity of Riverside Golf and Tennis Centre – an asset managed by LMS, Fairbairn Park and Maribyrnong River (story continues below).

Savills’ Jesse Radisich, Julian Heatherich and Benson Zhou marketed the Ascot Vale property, about six kilometres north west of Melbourne.

The deal came in the same week a development site with a permit for 23 townhouses at 147-157 Princes St, in neighbouring Flemington, sold for $6.5m – or $825,000 less than it traded for in 2017.

The Ascot Vale site is accessed from Newsom and Hurtle streets.
The Newsom Street site is opposite Mirvac’s recently completed $160 million Enclave estate, with 248 townhouses.
The Maribyrnong River and Riverside Golf Course are walking distance to 9 Newsom Street.
The proposed townhouses from Newsom Street.

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Marc Pallisco

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