A development of this value would be the biggest residential project undertaken in the small suburb, which shares the same postcode as West Footscray, and is about eight kilometres from the CBD, near the Highpoint Shopping Centre.
Since the 1990s, several major government controlled sites in Maidstone, including the Philip Migrant Hostel and Department of Defence land, have made way for new housing estates. The Medway Golf Club is the suburb’s most prized potential development site being on hillside land abutting the Maribyrnong River, opposite Avondale Heights.
For R.Corporation, the purchase continues a trend of buying in Melbourne’s suburbs. Last June it paid $20 million for a four hectare block in Cheltenham, about 20 kilometres south-east of town.
R.Corporation has developed townhouses in Buncle Street, North Melbourne, opposite a prominent commission flat tower compound. Its project, Park Terraces, replaced a factory site once occupied by esky manufacturer Willow, and which R.Corporation bought for $7.06 million in mid-2007.
Colliers International marketed the Maidstone site for Australia Post, but selling agents Shane Dargue and Nathan Bingham refused to comment. An R.Corporation representative was unavailable.
Six weeks ago, Australia Post withdrew from sale a prime 1.2 hectare development site at the CBD/Docklands border on Spencer Street, which was expected to fetch between $40 and $45 million.