Photo: Kinnear's Footscray aerial
One of the largest mixed-use development site opportunities in metropolitan Melbourne is set to hit the market, with significant interest anticipated due to the site's scale, development potential, and proximity to major health and education institutions
Located at 124-180 Ballarat Road, Footscray, the Kinnear’s Precinct offers a significant mixed-use development opportunity in Melbourne's inner-west. This strategic site, close to essential transport connections and amenities, is poised to play a crucial role in the ongoing urban revitalisation of the area.
The approved Kinnear’s Precinct Development Plan supports diverse development outcomes, including over 1,200* dwellings within buildings ranging from 5 to 18 storeys on a sprawling 29,900sqm (2.99Ha) island site.
For sale through Joe Kairouz, Hamish Burgess, and Leon Ma of Cushman & Wakefield, on behalf of R&F Property, the site has a guide price of $65 million+ and boasts Mixed-Use Zoning (MUZ) and has been de-risked by the approved development plan and planning approval for Stage 2 and the availability of distinct stages provides flexibility for phased future redevelopment.
Joe Kairouz believes " The Kinnear’s Precinct offers a unique and exceptional opportunity, likely the largest mixed-use zone development site in Metro Melbourne to be available on the market in the past 5 years.
“We envision the site as suitable for Build-to-Sell, Build-to-Rent, Student Accommodation, Key Worker Housing, Aged Care & Retirement Living, or a combination of these options. Its proven location for medium-density mixed-use projects, coupled with distinct stages for phased redevelopment, offers unparalleled flexibility."
Victoria’s Housing Statement, which aims to deliver 800,000 homes over the next decade, along with Plan Melbourne’s aspiration of a 70:30 ratio, positions Kinnear’s Precinct as a prime opportunity to provide large-scale housing in a location close to services and transportation. The Victorian Government has designated the Footscray precinct as one of seven priority precincts, embodying all the vital elements of a 20-minute neighbourhood as outlined in Plan Melbourne 2017-2050.
Additionally, the upcoming Footscray Hospital, supported by a $1.5 billion investment from the Victorian Government, represents one of the most significant health infrastructure projects in the state’s history. This hospital is set to enhance local health services and generate employment opportunities within the community.
Victoria University’s Footscray Campus, ranked among the top 2% of global universities, hosts 19% international students and has a full-time student population exceeding 14,000 (The World University Rankings 2024).
Both Footscray Hospital and Victoria University are approximately 200 meters from the site.
As a direct beneficiary of Victoria’s Big Build, Footscray is poised to gain from extensive transport infrastructure projects, including the Metro Tunnel, West Gate Tunnel, and the proposed Melbourne Airport Rail (SRL Airport). The area enjoys access to three train stations: Footscray, West Footscray, and Middle Footscray, further enhancing its connectivity.
International Expressions of Interest for ‘Kinnear's Precinct’, 124-180 Ballarat Road, Footscray close Thursday, 26th September at 12pm (AEST).
*Approximate
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global commercial real estate services firm for property owners and occupiers with approximately 52,000 employees in nearly 400 offices and 60 countries. In 2023, the firm reported revenue of $9.5 billion across its core services of property, facilities and project management, leasing, capital markets, and valuation and other services. It also receives numerous industry and business accolades for its award-winning culture and commitment to Diversity, Equity and Inclusion (DEI), sustainability and more. For additional information, visit www.cushmanwakefield.com.
