Breeding New Life Into Melbourne’s Landmark Sites

Pentridge Prison, CoburgTHIRTY years ago a three-bedroom house in Thomastown cost more than a three-bedroom house in Fitzroy – that’s testament to how much Melbourne’s attitude to housing has changed.

In the 1970s, to live in Collingwood, Port Melbourne or Yarraville meant to be entrenched in Melbourne’s working class. Houses could languish on the market for months – unsellable, unrentable and not worth fixing up.

Today, to own properties in these and many other particularly inner-city suburbs, is to own the real estate equivalent of a gold mine. Since the 1980s, but especially since the turn of this century, where and how Melburnians want to live has shifted and many disused, derelict but once significant sites have been redeveloped. We look at some of the biggest:

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Mirvac Building Wall That Will Block Waverley Park Eyesore From Melburnians

SYDNEY-based developer Mirvac is building a giant freeway wall which will block Melburnian’s travelling on the Monash Freeway from seeing one of the south-eastern suburb’s most familiar eyesores.

As part of its Waverley Park stadium townhouse redevelopment, which is nearing completion, Mirvac is required to build a freeway wall to mitigate traffic nose for new residents.

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Trinity Offloads $25 Million in Melbourne Assets

A WEEK after agreeing to sell a 50 per cent stake in its $800 million wholesale funds management business to Clarence Property Corp, the Queensland-based Trinity Funds Management Limited is offloading some Melbourne assets.

In the biggest deal, a Mulgrave asset co-owned by two Trinity trusts has sold for $23 million. The property included three office buildings, 11 industrial office warehouse units and was spread over almost 5 hectares.

CB Richard Ellis director Andrew Stewart negotiated that sale.

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