Development Victoria launches EOI for 1.9ha site in the capital of Melbourne’s South-East

Colliers International starts search for government development partner

Development Victoria, the Victorian Government’s property development agency, has launched a search for a Developer or Consortia to deliver a vibrant and integrated mixed use precinct across a 1.9ha site in the heart of Dandenong CBD. 

Colliers International’s Robert Papaleo, Hamish Burgess and Joe Kairouz have been appointed by Development Victoria to facilitate the first stage (Expressions of Interest) of a three-staged transaction process. At the completion of the transaction process, Development Victoria will be entering into a Development Agreement with the successful developer or consortia, to deliver a mixed use development on the substantial Foster Street site. 

“Central Dandenong is one of Melbourne’s most established and significant activity centres,” Mr Papaleo said. “It offers all of the economic fundamentals, location attributes and policy drivers to continue being a suburban CBD destination for commercial, retail and mixed use investment.

“The site, which is located within the Revitalising Central Dandenong Declared Project Area, is being offered through this EOI as a result of consolidation of multiple land holdings into single ownership by Development Victoria.”

Agents expect the unique scale of the site, and the opportunity it offers to play a significant role in the growth of the regional economy, would attract wide-ranging interest. 

“Victoria’s stable and reliable growth is a significant driver of Australia’s economic expansion,” Mr Kairouz said. “Over the past decade, Melbourne has become an internationally significant destination for service and knowledge-based industries including education and tourism.” 

“Melbourne is consistently one of the fastest growing, most dynamic and most liveable cities across the world’s advanced economies with its population to rise from 5 million to 8.5 million residents by 2050.

“Within Melbourne, the South-East region is the largest economy, with Dandenong representing the CBD of the region and the gateway to its growth corridors. Presently, South-East Melbourne has limited supply of undeveloped appropriately zoned land due to historically strong demand factors with increased development activity over the previous 15 – 20 years.”

The Revitalising Central Dandenong project (RCD) commenced in 2006 with a $290 million investment by the Victorian Government that has facilitated the delivery of enhanced connectivity, public realm and amenity as well as seed projects such as the Australian Taxation Office, State Government Hub and the Council Civic Centre.

“The RCD project aims to establish Central Dandenong as a vibrant and thriving economic hub in the south-east region by leveraging private sector investment in residential, retail and commercial developments and urban amenity,” Mr Papaleo said. “This significant opportunity is an extension of this and we expect it will attract interest from national and international developers and consortia.”

Mr Kairouz said in Australia’s current challenging lending market, the opportunity to acquire a development site with a staged settlement on the land provided added financial incentive. 

“The significant size of the site, its planning certainty and the benefits associated with partnering with the Victorian Government – make this EOI a rare opportunity,” he said. 
 

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Robert Papaleo

Director

Melbourne CBD (Residential)

I am a Director at Colliers International Residential Melbourne after a 20+ year career in property research, data analytics and consulting.   

My understanding of demand, supply, policy and industry factors relating to the spectrum of residential markets (apartments, urban regeneration, greenfields) underpinned my recognition as  one of Australia’s foremost real estate analysts and trusted strategic advisors to leaders in the  residential  development and real estate investment industries. 

I utilise my deep industry and market knowledge to assist the  Melbourne Residential team to extend its reach across the increasingly complex mainstream, and emerging, residential market segments.

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Hamish Burgess

Director | Development Sites

Melbourne East

Hamish specialises in the sale/acquisition of Residential Development Sites in the Melbourne City Fringe & Metropolitan market.

This specialization involves issuing strategic advice to a range of clients including but not limited to institutional clients, private clients, boutique developers, international developers and adjoining home owners.

Types of disposal include the sale of the below:

• Sale of permitted and unpermitted apartment development sites
• Sale of permitted and unpermitted townhouse development sites
• Sale of adjoining homes as development sites
• Sale of land subdivisions

 

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Joe Kairouz

Senior Executive, Development Sites | Residential

Melbourne East

My specialisation is the sales of residential development sites in the Melbourne Metropolitan market.

I commenced working with Colliers International in 2017, following ten years in both the finance and property industries. 

My thorough and technical understanding of both the finance and property industries allows me to understand the end-to-end process for my clients and assists me to best qualify interested parties. I hold several professional memberships including my Agent’s Representative Certificate, along with a Cert IV in Financial Services, full member of the MFAA, COSL and ASIC. I also hold a Bachelor of Economics with an Economics Major from La Trobe University.

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