Industrial sites in Albion St
a magnet for residential developers
A cluster of former industrial sites in Albion Street, Brunswick, have been snapped up by residential developers for over $27 million following new Moreland Council rezoning laws.
Milieu Property, Pellicano and Nightingale have all bought sites within a 100m stretch along the precinct just off Sydney Road, from 202 to 219 Albion Street, with 193 Albion St recently launched to market.
Brokered by RPM, the sites, including a former sewing machine repair business, a nut factory and an ugg boots factory offer developers prime redevelopment opportunities for boutique apartments, according to development site team manager Ed Wright.
“We’re seeing a real ‘flight to quality’ with developers seeking out better quality and positioned landholdings to build their pipeline of future projects,” Mr Wright said. “These developers really know how to best design and market their project to progressively-minded owner occupiers in the Brunswick market, which is taken up by owner occupiers”.
In the past three years alone, the median house price in Brunswick has risen from $833,500 to $1,150,000 (as at March 2018).
Milieu Property acquired a 1,200 sqm site at 204-206 Albion St and will develop 59 apartments over eight stories plus complimentary ground floor commercial catering to a very distinct buyer, according to Shannon Peach, co-director at Milieu.
“With The Commons and Nightingale 1 projects nearby, coupled with our intentions for our site, this pocket is attracting like-minded people who embrace considered design principles around sustainability and fostering community,” he said. “In time I think this precinct be looked back upon as quite a unique shift in the status quo for Australian apartment living.”
Mr Peach said the apartment complex, ‘Breese Street By Milieu’ will feature a rooftop with a BBQ area, natural grass lawns, and a communal laundry and outdoor clothes line. Price discounts are also being offered to buyers who choose not to take up a car space.
Paul Dem, who has been broking many of these transactions with Ed Wright, said Moreland municipality is anticipated to grow by almost 56,000 residents across 25,005 dwellings in the next 20 years, with the City of Moreland proactively planning to meet this demand.
“The Council recently moved ahead to implement its Industrial Land Strategy to bring quality medium density housing to the area by rezoning brownfield land while still maintaining the character of the area.
“Our team has been working closely with many landowners affected by the rezoning and in consultation with Council to identify development opportunities for both residential and commercial projects in Brunswick, Coburg and surrounds,” he said.
For further information about these transactions or for a confidential discussion about your property please contact Ed Wright on 0421 213 firstname.lastname@example.org or Paul Dem on 0488 212 email@example.com