Stockland pays $15m for Brunswick timber yard

EXCLUSIVE

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.

It is less than 100 metres from a 7500 sqm block, 397-403 Albert St, which rival Mirvac acquired last month for a multi-tower apartment project set to contain build-to-rent components.

That builder intends to develop its Brunswick site with local outfit Milieu Property – which last year bought the neighbouring 2323 sqm block, 395 Albert St.

Stockland has mooted its Brunswick property for townhouses and c150 apartments; it will also deliver retail to the pocket for the first time.

Currently a timber yard – the land was for sale most of last year before being relisted with a new agency, Savills, two months ago (story continues below).

Industrial pocket rezoned for high density housing

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 any part of the deal.

Stockland’s site is about a kilometre west of Brunswick train station and the Sydney Road retail strip. The suburb 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 former property analyst and journalist, Marc is the publisher of realestatesource.com.au.

Marc Pallisco