Five of the best current development sites

The Melbourne property merry-go-round is in full swing with a plethora of development sites currently on offer. Insatiable Asian-backed development firms are providing stiff competition for local property firms as some prime pieces of Melbourne real estate are offered and dually snapped up.

Here are but five of the best on offer, some of which include approved development schemes.

1 Ascot Vale Road, Flemington

Formerly known as Equinox Felmington, the tower is the final incarnation following many previous attempts by the then owner including a considerably taller proposal. Located opposite Flemington Racecourse, the scheme sees 387 apartments approved over the 21 level complex.

Given its prime position and proximity to Greeenland Group's intended high-rise development, 1 Ascot Vale Road looks to be a juicy prospect.

9 - 27 Downie Street, Melbourne

Those with a long memory may recall this site was subject to a failed residential development a decade ago. Known as The Archer, the 35 level Edgard Pirrotta designed tower drew upon art-deco influences.

Approved at well beyond 100 metres in height, the then scheme gives an indication as to what can be expected now. 40 levels of residential living are not out of the question at 9-27 Downie Street.

47 City Road, Southbank

Southbank continues to be a happy hunting ground for Asian-based developers, will 47 City Road follow suit? Nearby developers have pressed ahead with 40 level schemes, while certain sites allow for a far taller built form.

Expressions of interest closed during mid June, is there another grand announcement in the pipeline?

466 Collins Street, Melbourne

Quoting CBRE, "466 Collins Street represents a unique opportunity to acquire an irreplaceable development site that occupies a prime location on Melbourne’s premier street. It is the only site on Collins Street with a permit to deliver a landmark tower, which comprises of approximately 29,000sqm over 55 levels that will surely become a new Melbourne icon."

One of the more intriguing, unique projects in Melbourne - a definite landmark.

685 La Trobe Street, Melbourne

Premier Capital Development have elected to sell their prized Docklands site after failing to land an anchor tenant for the approved Bates Smart commercial development.

With the adjoining site subject to a 90 metre planning application, the site is ripe for an enterprising developer to deliver possibly two substantial residential towers over the 4,411 square metre site. The adjoining M Docklands project is a prime example of a new Chinese-backed, Melbourne-based developer swooping on an increasingly rare Docklands land parcel to deliver a flagship project.

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