Stockland is paying $15 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 set to replace its Brunswick parcel with townhouses and about 150 apartments. New retail spaces will also be created.
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.
Note: this story was edited on March 11, 2020, with the confirmed sale price.