Stockland is paying a speculated $16 million for a 4010 square metre former industrial site in Melbourne’s inner north Brunswick.
The 429-435 Albert Street parcel was only recently rezoned to allow for high density residential development.
The holding is less than 100 metres from a 7500 sqm block, 397-403 Albert Street, which rival Mirvac acquired last month for a multi-tower apartment project set to contain build-to-rent components.
Mirvac intends to develop its village with Melbourne boutique builder Milieu Property – which last year bought the neighbouring 2323 sqm block, 395 Albert Street.
Stockland is expected to replace its Brunswick parcel with apartment towers but this could not be confirmed – the Sydney based developer declining to comment on the speculated deal when contacted.
Its Albert Street property – currently a timber yard – was for sale most of last year before being relisted with a new agency, Savills, two months ago.
Industrial pocket rezoned for high density dwellings
The Amendment C161 rezoning allows for the construction of eight level buildings over 1.7 hectares between 395-429 Albert Street.
The addresses are currently configured with low rise warehouses and terrace homes.
The area is unique for the inner-city suburb being surrounded by parkland (Clifton Park to its north and east and Gilpin Park to the south).
Stockland’s site is about a kilometre west of Brunswick train station and the Sydney Road retail strip. Brunswick is about six kilometres from the CBD.