VicTrack Investigating State II of $22 Million Kensington Project

The second stage of the Midway Business Estate will be developed on a 6,000 square metre block on the corner of Stubbs Street and Macaulay Road. The rear of the development will be the Moonee Ponds Creek and the outbound lane of the Citylink motorway.

VicTrack adds value to Victorian Government assets, primarily state rail land and infrastructure. It has become one of the most important owners of real estate since the controversial Melbourne 2030 blueprint was introduced, which encourages development around transport nodes.

VicTrack’s other major sites include the Banana Alley Vaults in the city, and substantial tracts of land in West Melbourne, North Melbourne, as well as metropolitan Melbourne and provincial Victoria.

It is also proposing redevelopment ventures in Coburg (over the former tram depot), Fairfield, Gardenvale, Hawthorn and Camberwell, over the train station.

In 2006, VicTrack undertook the first $22 million stage of the Midway with joint venture partner SMA developments.

That stage included about 18 office warehouse showrooms totalling 4,350 square metres, and nine offices totalling 1,600 square metres.

The project took seven months to build, and now blocks views of the Citylink Freeway to inner north-west residents who take Stubbs Street as an alternative route to Flemington Road, travelling to the city.

VicTrack retained some industrial warehouses and offices in Midway, but sold the majority off to owner occupiers and investors.

A spokesperson said Stage 2 of Midway Business Park will be similar to the first. VicTrack is expected to come out of the second stage of the development with more income generating assets.

Last month, VicTrack released a tender to develop 16 sites in country Victoria, including Healesville, Rutherglen and Warrnambook, for a potential tourist accommodation network.

VicTrack says it is happy to consider tourist accommodation proposals for metropolitan sites too, if there is any interest.

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Marc Pallisco

A former property analyst and print journalist, Marc is the publisher of realestatesource.com.au.

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