It was reported last week that developer Future Estate is the successful new owner of a vast tract of development land within Pentridge Village. Expected to fetch $30 million via a sales campaign held by CBRE, the final price tag was a reported $27 million.
And for that price Future Estate now holds land reserves totalling approximately 41,000sqm, located 7.5 kilometres from the CBD. Covering twelve separate sites with the largest at 5,591sqm, the purchase allows Future Estate the opportunity to deliver multiple buildings over an elongated timeframe.
Included within the 41,000sqm plot are a handful existing/semi-completed retail spaces. The retail offerings are expected to be expanded within the development, in line with existing masterplan which seeks mixed-use outcomes for the land involved.
Pentridge Village hasn't been the only success for Future Estate of late with their current Melbourne apartment project selling strongly. Parc Vue at Bundoora Park has sold in excess of 85% of apartments within the first stage of the development, which will see 138 one and two bedroom apartments delivered over eight levels.
Designed by MAP Architecture, the project will upon completion see six buildings and 361 apartments built in middle-ring Bundoora, with ancillary commercial space totalling 1,100sqm included.
Gazing upon Pentridge Village once more, Future Estate's purchase joins a recently released apartment development in bolstering the until recently languishing precinct. Horizon Coburg is the first apartment release of any note for the precinct since the ill-fated AIR Pentridge tower the best part of five years ago which would have injected hundreds of apartments into the area.
Covered on Urban Melbourne at the turn of 2014, the then application on behalf of Taiwanese-backed Shayher Group sought to demolish the infamous H Division within the prison grounds. With demolition now complete, civil works have commenced with the construction commencement on the radar.
Horizon Coburg seeks to add two and three bedroom apartments within two buildings.
On a wider note the stirring of Pentridge is in line with a general increase in planning activity throughout Coburg. Epworth Hospital are seeking to deliver a new facility fronting Bell Street, the long vacant 81 Bell Street is subject to a new 391 apartment project whilst Major Anderson Apartments' site demolition is complete with SP Projects poised to begin construction.