Luxury car dealer, property investor and philanthropist, Nick Theodossi, is selling two enormous development sites straddling the North Melbourne train station, which is under construction as part of the $11 billion Metro Rail Project.
Actually a portfolio of 12 properties, they have been configured for the campaign as follows:
- Includes the high-profile showroom at 185-187 Arden Street which Mr Theodossi has occupied as a prestige car dealership for 25 years; and
- Seven adjoining warehouses between 171-183 Arden Street and 93-109 Munster Terrace.
All up, these properties, zoned Mixed Use, cover a site area of 9549 square metres.
- Includes a large double-storey warehouse tenanted to Bayford Ford at 189-197 Arden Street; and
- Three smaller industrial properties, forming an L-shape, between 199-203 Arden Street.
Arden West spreads a site measuring 5463 sqm. This land is expected to be rezoned Mixed Use under the Arden Structure Plan, which is being drafted.
Arden East and Arden West are available as a whole – the 1.5 hectares carrying price expectations north of $150 million.
They are also available individually.
Colliers International has been marketing the two opportunities as Arden Central via an off-market expressions-of-interest campaign which closes tomorrow.
The agency is promoting a development scheme which could see the sites replaced with five 17-storey buildings, penned by Cox Architecture.
Four of these structures would enjoy north-facing views over the North Melbourne Football Club Recreation Centre and sports oval, across the road. Two would have view lines to the CBD, about a kilometre away.
“Since the Metro Tunnel project has started, I have had numerous approaches concerning my adjacent landholdings,” Mr Theodossi told realestatesource.com.au. “I decided therefore that I would engage Colliers International to advise me and to represent me”.
“Depending on the outcome of the process, I can stay at the 185 Arden Street showroom, or I can relocate my business at the appropriate time”.
The offerings give any incoming purchaser the opportunity to collect a rental income while pushing through a redevelopment application.
The sites are within a 56 hectare urban renewal zone known in planning circles as Arden, which is expected to start taking shape as a residential-based village over coming decades.
Arden is set to contain more than 1 million sqm of built form accommodating 34,000 workers and 15,000 residents.
Early last year, an application for a 13-level office was lodged for 86-108 Laurens Street, neighbouring the Is Don Is Good silos.
“Arden Central is a once in a generation opportunity of 1.5 hectares on the doorstep of the new North Melbourne station, which will be one of only five new stations delivered in 2025,” Colliers International managing director, John Marasco, said.
“This EOI provides the long-awaited opportunity to deliver a major integrated project incorporating high-density residential, commercial and other complementary uses that leverage North Melbourne’s existing amenities and the site’s enhanced direct access to the Melbourne CBD and Parkville education, research and biomedical precinct”.
Colliers International said the offering has “vast future use potential”, touting build-to-rent apartments, student accommodation, offices and education – specifically a university campus – as other possible development outcomes.
As well as being in the car business, Mr Theodossi is an active property investor, in recent years acquiring two major retail assets leased to Bunnings. The businessman also controls several development sites in Melbourne’s inner and outer suburbs.
Since 2013, Mr Theodossi has been an Australia Day ambassador – a role which includes attending community events across Victoria. Charities his business support include Whitelion, PUKA Up and Fight MND.