Footscrays evolution from industrial hub to residential powerhouse continues
Footscray's evolution from industrial hub to residential powerhouse continues
| 20 October 2016
A Melbourne developer has secured a foothold in one of the city’s most popular apartment markets for $5.5 million.
CBRE’s David Minty, Julian White and Scott Orchard negotiated the sale of Buckley’s Corner in Footscray – a prominent 1,890sqm corner site with permit approval for a high density development comprising 139 apartments and five townhouses.
The property – located at 26-30 Buckley Street - benefits from a premium location within the Footscray culinary and business activity precinct, offering diverse retail, food and lifestyle attractions including the renowned Footscray Market.
Mr Minty said the property, which achieved a new land rate record of approximately $3,000 per square metre, attracted strong interest from developers looking to secure a presence in Melbourne’s city fringe.
“This is a significant sale for Footscray and the broader inner-western region of Melbourne that reinforces the continuing demand for large residential apartment development sites in proven locations,” Mr Minty explained.
Mr White added: “With new major projects being successfully sold and under construction - or nearing construction - including AZX Group’s ‘Riverina’ project, Delta Property Group’s ‘Riverside’ development and Growland’s ‘Joseph Place’, Footscray is undergoing a transformation into a thriving metropolis, which is further providing confidence to the residential market.”
Mr White went on to say the sale was further evidence of Footscray’s ongoing transformation into a leading residential hub.
“Originally an industrial precinct, Footscray has matured into one of Melbourne’s most popular CBD-fringe suburbs offering a living, educational and working environment that is becoming the envy of many.”
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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 (based on 2015 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.