Melbourne, 9 July 2013-One of the last remaining mixed-use sites in Melbourne’s South Morang Activity Centre has hit the market, offering a wide range of development opportunities for investors and owner-occupiers alike.
Located at 2 Oleander Drive, Mill Park, the 5,167sqm site is being offered for sale with development approval for residential, commercial and retail projects.
CBRE’s Jamus Campbell and Scott Orchard are marketing the property along with Gross Waddell’s Jonathon McCormack and Daniel Greenlees. The property is being sold via an Expressions of Interest campaign.
Mr Campbell said the site’s location was a key selling factor.
“This property is ideally situated within one of the region’s largest mixed-used developments – Mason Point – which will be home to more than 800 residents and the workplace to around 1,000 employees,” Mr Campbell said.
“The site also benefits from street frontage onto the busy McDonalds Road thoroughfare, which sees more than 20,000 vehicles per day.”
The Mason Point precinct is anchored by major tenants including Westfield, Bunnings, Masters and Toyota. The site also offers ready access to east and west connections between Epping and Greensborough via McDonalds Road, and also north and south connections between Whittlesea and the CBD via Plenty Road.
“Mill Park, which is located within the City of Whittlesea, is surrounded by both established and developing suburbs in one of Melbourne’s fastest growing regions,” Mr Campbell said.
“Mill Park is the new commercial hub of the north.”
Mr Orchard said the site offered a range of attractive development opportunities.
“The flexible nature of this site suits a range of development outcomes for owner-occupiers or developers that can accommodate a mixture of uses,” Mr Orchard explained, adding that the site is being offered with town planning approval for a four level commercial building.
The $150 million Mason Point project is a mixed-use commercial, retail and residential development anchored by the nearby South Morang Train Station and 52,000sqm Westfield shopping centre, which boasts more than 180 specialty stores including K-mart, Aldi, Coles, Target, Just Jeans and Woolworths. Eventually, the complex will cover 150,000sqm, rivaling Sydney’s Chadstone Shopping Centre.
Expressions of Interest close August 14.
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About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2012 revenue). The Company has approximately 37,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website atwww.cbre.com.au.