Stockland paying $16 million for Brunswick timber yard recently rezoned for high density residential

EXCLUSIVE

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).

Marketing agents Nick Peden, Jesse Radisich and Benson Zhou declined to comment about a deal at 429-435 Albert Street.

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.

The 429-435 Albert Street site (shaded) is about a kilometre from the Brunswick train station and Sydney Road retail strip.
The warehouse site (left) has 99 metres of frontage to Clifton Park. It backs onto recently completed five level apartment buildings (right) at the corner of Pearson and Victoria streets.

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Marc Pallisco

A freelance property analyst and journalist, Marc is a co-founder of realestatesource.com.au.

Marc Pallisco