Ringwood’s former Jooce nightclub is for sale.
Now a prime development opportunity – on land land worth about $2500 per square metre – the local council would be prepared to see 93-97 Maroondah Highway replaced with something multi-level.
The 7015 sqm block with three street frontages is not far from 301 Maroondah Highway which local developer 94 Feet is replacing with an apartment building and Sebel hotel.
At 16 storeys, 94 Feet’s is Ringwood’s tallest proposed tower to date.
Several structures circling 10 levels have been constructed in and around Eastland Shopping Centre, also near the Jooce site.
Gill Property’s Steve Bolton, Graham Hemingway and Steve Messina are marketing the L-shaped 93-97 Maroondah Highway parcel which is nowadays a showroom tenanted to two occupiers: Rivers and Genesis Gym (the latter which is on the longest rental agreement, expiring in 2025).
The building includes 5259 sqm of lettable area, 92 car parks and returns annual passing rent of $333,575.
The site is opposite the suburb’s Costco, which opened in 2013.
Aldi, Bunnings and Coles trade from property within a block.
Ringwood, about 23 kilometres east of Melbourne’s CBD, has been considered an Activity Centre by planners working for both major state governments since the introduction of the now redundant Melbourne 2030 planning policy nearly 20 years ago.
The agents said 93-97 Maroondah Highway – zoned Commercial 1 – could accommodate structures of up to 28.5 metres, so about 10 storeys.
Based on local land values, the vendor can expect more than $17 million from the disposal.
Ringwood on the radar of major players, now
In 2018, Pellicano and Camlen Property sold a Ringwood office on a funds-through basis to a Macau based private investor for $28.2 million.
Due for completion this year, that asset, 62 Maroondah Highway, will rise five storeys and contain 3225 sqm of area and 74 car parks – all of which is already leased to the state government.
Also two years ago, a local family paid $11 million for a collection of offices and shops covering 8067 sqm of Commercial 2 zoned land between 154-166 Maroondah Highway.
Last May Sector Property Group acquired a site at 93A Heatherdale Road, Ringwood, to replace with nine office warehouses, five strata offices and 55 self storage units.
QIC Global Real Estate recently completed a $575 million refurbishment and extension of its Eastland Shopping Centre, too.