Leighton unlock Moonee Ponds development potential

​Melbourne, 22 October 2013- The Melbourne suburb of Moonee Ponds is earmarked for a major residential development, after Leighton Properties acquired the prominent Hall Street site for $23 million.

The 1.339ha site, which comprises five titles and has six street frontages, is bounded by 40 Hall Street, 34-36 Margaret Street and 56-62 Aspen Street. The property is situated within a Principal Activity Centre location with proposed rezoning to Activity Centre Zone.

CBRE’s Scott Orchard, Justin Clarkson and Ari Petrovs – in conjunction with Colliers’ Peter Bremner and Jeremy Gruzewski – steered the sale on behalf of the vendor, Reading Entertainment.

Mr Clarkson said Leighton Properties would unlock the property’s full potential with plans for a residential and associated retail development 10 to 16 levels in height.

"This landmark development will help transform the suburb of Moonee Ponds into a thriving community just 6.5 kilometres from the CBD,” Mr Clarkson said.

Mr Bremner said the site’s proximity to the CBD was a key selling factor.

“Leighton was attracted to the property’s central location on the outskirts of Melbourne city, close proximity to public transport links and its promising development potential,” Mr Bremner said.  

The site, which was the former home of the Moonee Ponds market, is currently used for car parking purposes.

Mr Orchard said the property offered a once in a lifetime development opportunity.

“Very rarely does a site of this size present itself with such extensive possibilities to deliver a landmark mixed use project of exceptional scale and town-centre prominence,” Mr Orchard said.

“The surrounding public transport and retail amenities, which include Moonee Ponds train station, a major bus interchange and tram line, Puckle Street retail strip and Moonee Ponds Central Shopping Centre, will ensure the success of a high density, mixed-use development on this site.”

The site has been identified within the Moonee Ponds Activity Centre Structure Plan as a suitable and preferred location for high density and high rise development.