Source: Urban Developer
Development sites worth nearly $27 million have been snapped up ion bustling Brunswick following local council rezoning laws.
Developers Milieu Property, Pellicano and Nightingale have acquired six former industrial sites after Moreland council moved forward with its industrial land strategy to encourage medium-density housing in the area by rezoning brownfield land.
RPM sales agents Ed Wright and Paul Dem brokered the deals within a 100-metre stretch on Albion Street.
“We are seeing developers that understand what their consumers want, in terms of apartment design and amenity, and are showing very strong signs of confidence in the market place,” Wright told The Urban Developer.
“These developers are able to design their product to suit their buyer, which are made up mainly of owner-occupiers, and therefore confident of getting to financial close quickly, to ensure their projects are successful.”
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Milieu Property has plans to develop an eight-storey building comprising 59 apartments on their 1200sq m site at 204 -206 Albion Street.
Milieu co-director Shannon Peach said the development will cater to a distinct buyer.
“With The Commons and Nightingale 1 projects nearby, coupled with our intentions for our site, this pocket is attracting like-minded people who embrace considered design principles around sustainability and fostering community,” Peach said.
Developer Pellicano purchased 212-214 Albion St for $5.8 million and Nightingale acquired the 215-217 Albion Street site for $4.65 million.
| Address | Price | Buyer |
|---|---|---|
| 215-217 Albion Street, Brunswick | $4,650,000 | Nightingale |
| 219 Albion Street, Brunswick | Undisclosed | Undisclosed |
| 212-214 Albion Street, Brunswick | $5,800,000 | Pellicano |
| 206 Albion Street, Brunswick | $6,000,000 | Milieu |
| 202 Albion Street, Brunswick | $2,000,000 | Undisclosed |
| 193 Albion Street, Brunswick | On Market | On Market |
| 216 Albion Street, Brunswick | Undisclosed | Undisclosed |
Moreland municipality is anticipated to grow by almost 56,000 residents across 25,000 residences in the next 20 years.
“Our team has been working closely with many landowners affected by the rezoning and in consultation with Council to identify development opportunities for both residential and commercial projects in Brunswick, Coburg and surrounds” Wright said.