$30 million Frank Walker's National Tiles apartment development site to test the waters at Fisherman’s Bend
A local family has listed a 1.4 hectare site in the Fisherman’s Bend precinct in Port Melbourne with industry expectations to fetch $30 million plus with interest tipped to come from "the full suite of developers including local, national and international."
The property at 525 Graham Street, Port Melbourne is set to attract interest from the apartment developers, with the site's planning controls allowing for significant height and density to be achieved.
Located within the Wirraway precinct, the property is currently occupied by a large warehouse has been the longstanding base of Frank Walker’s National Tiles.
It will provide the purchaser with holding income of $410,000 incl. GST plus outgoings during the development application period.
Savills agents Julian Heatherich, Benson Zhou and Clinton Baxter have been appointed to handle the sale.
The Fishermans Bend Framework predicts that the precinct will support 80,000 new residents and 80,000 new jobs, with the population expected to grow by 1500% in the coming 20 years.
The Savills marketing notes the transformation of the urban renewal area is "set to escalate in the coming years after some challenges since the precinct’s initial rezoning in 2012."
Major investment by the state government will be underpinned by the transformation of General Motors Holden’s former headquarters into a STEM employment hub supporting over 30,000 new jobs.
“With the Fisherman Bend Infrastructure Contributions Plan set to be finalised in the near future, we’re forecasting a real boost in development in Fisherman’s Bend, particularly considering the current strength of the residential market, and the unrelenting demand for the city fringe” Mr Heatherich said.
Current projects in the suburb include Port Lane at 201 Williamstown Road, Port Melbourne.
The Fishermans Bend Framework predicts that the precinct will support 80,000 new residents and 80,000 new jobs, with the population expected to grow by 1500% in the coming 20 years.
The property adjoins Goodman Group’s recent retail project which features a full-line Woolworths supermarket and Dan Murphys, while on the opposite corner of Plummer Street, the Fisherman’s Bend Secondary School is almost complete ready for the first round of enrolments in 2022.
“The delivery of key amenity and infrastructure on the neighbouring sites unlocks the potential for quick development of the site” said Mr Heatherich.
Mr Heatherich noted that an opportunity of this scale is rarely brought to market. The site has been held by the family for 34 years.