Riverside Chunk of Industrial Land Rezoned For Redevelopment, Kensington, Melbourne

ANOTHER chunk of former industrial land in Kensington is on track to being replaced with apartments.

At 1-89 Hobsons Road, abutting the Maribyrnong River, and between the train line and Lynch’s Bridge, five hectares of land belonging to six separate owners has been rezoned to allow for mixed-use redevelopment.

The land is diagonally opposite a 15-hectare Footscray parcel across the Maribyrnong River known as the Joseph Road precinct, which has recently been earmarked for intense apartment development.

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Lonely Planet Global Headquarters on the Market, Melbourne

TRILOGY Funds Management is expecting about $17 million from the sale of a riverside office asset occupied as the global headquarters of travel publisher Lonely Planet.

The prime located site at 90 Maribyrnong Street includes a 7293 square metre office, 86 car spaces, and will be sold with a new six year lease to Lonely Planet, which pays a current annual rent of $1.53 million.

Lonely Planet relocated to the converted Footscray building in 2000, from Hawthorn.

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Victorian State Government Pays $21 Million For Riverfront Development Site, Footscray

AS PART of its push to ensure there is a 20 – 25 year supply of land available for residential development, the new state government’s development agency, VicUrban, has outmuscled developers for one of the western suburb’s most prominent future development sites.

VicUrban is believed to be paying about $21 million for the outgoing Le Mans Toyota car dealership, overlooking the banks of the Maribyrnong River and at the suburb border of Footscray and West Melbourne.

The 1.3 hectare site is opposite the Hopetoun Bridge, which connects Hopkins Street to Dynon Road, near Melbourne’s Market precinct.

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