Near on a year after being submitted, Footscray's last major development within the Joseph Road Precinct is all but reality.
Last week it was recommended by internal planners that Maribyrnong Council's City Development Special Committee issue a Notice of Decision to Grant a Permit for the multi-towered development which accounts for the last 'super site' within the 17 hectare renewal area. 2 Neilson Place is the final piece of the puzzle within the vast formerly light industrial land holding which constitutes the Joseph Road Precinct.
Over recent years six separate scheme within the precinct have gained approval, amounting to some 3,300 new apartments.
Carrying a cost of development of $180 million, 2 Neilson Place is positioned to add another 500 plus apartments to Joseph Road Precinct. Of these, 5% are to be allocated as affordable housing.
Set across 6,323 square metres, 2 Neilson Place also adds 620 square metres of retail floor space, 3,418 square metres of office space and capacity for a childcare centre. A variety of amenities are anchored by podium and tooftop open spaces.
Well beyond the preferred maximum building height of 12 storeys, "consideration has been given to reducing the heights, however any reduction in height would not make any significant difference to the urban environment of Joseph Road." This is in response to earlier approvals in some instances reaching 32 levels.
With the planning aspect of Joseph Road Precinct all but complete, the challenge for developers is to now deliver the thousands of approved apartments.
In total 23 separate residential towers are in play within the precinct, and of those only a trio of mid-sized towers which represent stage one of Riverina are at construction. Having ridden the wave of foreign-based interest in Melbourne's apartment market, Riverina had sold well initially, although the rate of sales for current and future releases may not be as rapid.
The sheer number of apartments involved coupled with the restrictive measures placed on foreign investors and the 'cooling' within certain pockets of Melbourne's apartment market may lead to a slower roll-out of construction within Joseph Road Precinct.
4 Neilson Place known as The Tannery has conducted a low-key sales campaign whilst Growland's Victoria Square opposite Riverina has begun its sales campaign in earnest.