Frasers Property Australia in partnership with Irongate Group is paying a speculated $225 million for Yarraville’s former Bradmill site and two neighbouring industrial properties.
At 341-367 Francis Street, the 24.3 hectare holding has in recent years been the subject of a $2.2 billion residential-based village with c3750 dwellings, most in apartment towers (artist’s impression, top).
A heritage protected boiler house sits near the parcel’s southern boundary, abutting the West Gate Freeway.
Another chapter for Bradmill block
In 2002, the Bradmill block was purchased by Colin DeLutis who acquired it as part of a $7m deal for the then-ailing textile business.
Later, the investor outlaid $16m for two neighbouring industrial properties.
In 2011, the pocket was rezoned to allow for residential.
Three years later, Mr DeLutis put the Bradmill site and two factories up for public sale – however a reported c$120m deal to China based media executive, Tommy Jiang, fell through.
In 2016, the property traded for $121.8m to Fortune New City (Yarraville) Development Pty Ltd.
In 2019, a redevelopment permit expired (story continues below).
The incoming owners – under the company name of Yarraville Development JV – placed a caveat on the title on August 24.
The partners will proceed with a prior residential development scheme for over 1000 dwellings, adding a shopping centre.
Site remediation has commenced with the first homes expected to be launched for sale in 2023.
Irongate was formerly known as Investec Australia Property Fund.
Last August FPA announced plans to build 1600 dwellings on a 116.3ha site in Clyde North, in the city’s south east.
Five months ago, the developer sold part of a Tarneit housing estate it acquired for $202.5m in 2018.
Subscribe to our newsletter at the bottom of this page.