Cushman & Wakefield’s Melbco Retail & Development Sites, in collaboration with LAWD, are pleased to announce the exclusive offering of 830 Plenty Road, Reservoir, VIC.
This exceptional neighbourhood retail shopping centre presents an outstanding asset management or redevelopment opportunity for developers, investors, and property companies.
Set on a vast land holding of over 1.03 hectares* with Commercial 1 Zoning (C1Z), 830 Plenty Road will attract those seeking developments of scale. With size being a crucial factor, future potential uses are limitless, catering to traditional residential and build-to-rent developers, student accommodation providers, vertical retirement and aged care operators, and more.
The property is being sold by Marcus Neill, Daniel Wolman, Oliver Hay and Leon Ma from Cushman & Wakefield and Lukas Byrns and Peter Sagar from LAWD.
According to Marcus Neill, Cushman & Wakefield’s Director, Development Sites & Build-To-Rent, Victoria, location is paramount, and 830 Plenty Road provides unrivalled proximity to essential amenities.
“Situated just 11kms from the Melbourne CBD, this prime location boasts easy access to four nearby hospitals, two universities, a research and innovation hub, and the bustling Northland Shopping Centre. Additionally, the trendy neighbourhoods of Preston, Thornbury, and Coburg, known for their appeal to first home buyers, surround Reservoir”.
Lukas Byrns, LAWD's Director, Development Transactions said the property features a boutique supermarket as its anchor, complemented by 17 specialty stores.
“Potential buyers are encouraged to view the property through a creative lens, considering opportunities for repositioning or complete redevelopment. The previous approved permit allowed for a residential development comprising over 300 apartments and 17 townhouses across four mid-rise towers (or development potential of NSA 24,043 sqm / GFA 47,190 sqm) ” he said.
The property currently comprises an existing Net Lettable Area of 3,686 sqm, with 309 car spaces and a total passing income of $1,081,634 p.a. and a potential gross income: $1,782,424 p.a. All tenancies benefit from six-month demolition clauses.
Situated within the La Trobe National Employment & Innovation cluster, alongside world-class educational facilities such as La Trobe and RMIT Universities, the site has close proximity to four major hospitals, including Heidelberg Hospital, The Austin Hospital, La Trobe Private Hospital, Warringal Private Hospital, and several Research & Innovation Centres.
To seize this exceptional investment or redevelopment opportunity, interested parties are invited to participate in the International Expressions of Interest campaign, closing on Wednesday, 21 June 2023, at 12 pm AEST.