Mixed-use project envisioned for significant Macaulay Road site
A major Kensington office-warehouse site, which has been occupied by Vision Australia since 2009, is expected to fetch around $35 million when it hits the market.
16 Jul 2018
CBRE’s Victorian Development Site Sales team of Julian White, Mark Wizel and Lewis Tong has been appointed to market 346 Macaulay Road, which totals 8,803 sqm over eight titles.
The three storey property has been one of the offices for leading national provider of blindness and low vision services Vision Australia for the past nine years, however due to improvements to its nearby facilities, the property no longer meets Vision Australia’s operational needs.
The site is underpinned by its mixed-use zoning, and three short-term leases and licences. It has a height guidance of up to eight levels (STCA), with a residential or mixed-use development expected for the site.
Mr White said 346 Macaulay Road provided developers with a key opportunity to secure a mixed-use zone site just a few kilometres from the CBD.
“Kensington is an established area and the property is zoned mixed use, within a perfect position, prime for local and abroad active developers keen to make their stamp on the Melbourne market,” Mr White said.
“The area is forecast to experience substantial change to its demographics, with the population of the Arden Macaulay precinct alone anticipated to grow to 16,495 people by 2031. This population increase is expected to lead to above average capital and rental value growth”
Mr Wizel said the central location of the site should drive interest throughout the campaign.
“Macaulay Road is within a few kilometres of all the world class amenity Melbourne has to offer. Royal Park, Melbourne’s medical precinct, The University of Melbourne and Queen Victoria Market are all accessible from the excellent road network connections and the area's high levels of public transport.”
The Macaulay Road site benefits from being only 500 metres to a new Woolworths supermarket, which is set for completion by early-2019 as part of the Arden Gardens development.
346 Macaulay Road is to be sold by way of International Expressions of Interest campaign, closing Friday 10th August at 2:00pm (AEST).
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CBRE Group, Inc. (NYSE:CBRE), 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 2017 revenue). The company has more than 80,000 employees (excluding affiliates), and serves real estate investors and occupiers through more than 450 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.
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About CBRE Group, Inc.
CBRE Group, Inc. (NYSE: CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2021 revenue). The company has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of 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 https://www.cbre.com.