VicUrban Poised to Seize CSIRO Highett Site, Melbourne

The Commonwealth Scientific and Industrial Research Organisation is speculated to be selling a prime, redundant laboratory, in Highett, to VicUrban, the state government’s building arm.

VicUrban would not comment about its involvement when contacted by BusinessDay. It’s expected the group which is soon to undergo a structural and name change will redevelop the site with a joint venture private sector partner, according to sources.

Six months ago VicUrban paid $7 million for a 15,000 square metre site at 329 Bay Road abutting the southern edge of the CSIRO laboratory. Currently configured as an office showroom, this site is now expected to form an entrance to a major residential redevelopment of the CSIRO laboratory.

As part of any redevelopment, between three and four hectares of the CSIRO site known as the Grassy Woodlands is expected to be retained for public use.

Earlier this week it was reported supermarket giant Woolworths invested into the Vantage Highett mixed use project to be developed on land abutting the northern edge of the CSIRO site on Highett Road. Woolworths will trade from a supermarket and own another 18 specialty stores which are currently for lease via Nichols Crowder.

A low rise, 126-unit apartment building will be developed by Accord Property Group on airspace above the shopping centre.

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Marc Pallisco

A freelance property analyst and journalist, Marc is a co-founder of realestatesource.com.au.

Marc Pallisco

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