Strong contest predicted for retail/residential development opportunity in burgeoning Coburg
A new development opportunity in one of Melbourne’s premier up-and-coming inner northern suburbs is on the market with a permit for a significant mixed use project.
Colliers International’s Trent Hobart, Peter Bremner and Hamish Burgess have been appointed to sell a 7,473sqm site at 200-216 Sydney Road in Coburg on behalf of the owner and Ken Whiteman of Whiteman Property & Accounting.
“This is a rare permit-approved development site for a mixed use, supermarket, retail, apartment and townhouse development,” Mr Hobart said. “Lying within a flexible activity centre zone, this well-designed five-level building will maximise use of the three street frontages available and the ability to develop a supermarket and other complementary uses at the lower levels of a genuine mixed use building.
“Interest is expected from a wide purchaser market including the major retailers, developers looking to cater for the down sizing owner occupier market and emerging young professional population and also the retirement living developers who are grossly under catered for in the inner north.
“These buyer groups are anticipated to be drawn to the sensational 7,473sqm land holding only 7km from the CBD with three street frontages, where they should find exceptional value at between $1,750 to $2,000 per sqm over the land area."
Mr Bremner said the proposed plan had a net saleable area of 12,843sqm over five levels, consisting of a supermarket, three large retail shops, two first floor office spaces, 124 apartments and five townhouses. The project has been designed by respected local architect, Taylors, in association with Whiteman Property and Accounting.
“Coburg is a highly sought after city-fringe suburb that has experienced significant gentrification in recent years, following in the footsteps of Carlton and Brunswick with a vibrant, hip culture catering for a burgeoning population,” he said.
“The resulting influx of young professionals has driven strong median house price growth throughout the inner northern corridor, creating an ideal environment for a mixed use development such as this."
With strong growth in median house prices driven by the ever-increasing demand for residences within the inner northern corridor and an abundance of amenity, public transport, retail and dining, Mr Burgess said the site was well positioned to become a very successful mixed use development.
“Appealing to a variety of young professionals and empty nesters, Coburg is one of Melbourne’s most up-and-coming residential locations,” Mr Burgess said. “Coburg’s perfect inner northern location has led the process of gentrification from an industrial-focused suburb to a hip and cultured culinary hot spot full of dining, retail, parks and attractions.”