1.02 hectares of land with potential to re-position existing or redevelop
Cushman & Wakefield Melbco Retail & Development Sites, in conjunction with LAWD, are proud to exclusively present 830 Plenty Road, Reservoir – a unique neighbourhood retail shopping centre offering an outstanding asset management or redevelopment opportunity.
830 Plenty Road, Reservoir is being offered for sale via an International Expressions of Interest campaign closing Wednesday 21 June 2023 at 12pm.
This plentiful land holding of over 1.02 hectares will attract developers, investors and property companies seeking developments of scale. Size matters.
Future potential uses are likely to suit traditional residential and BTR developers, student accommodation providers, vertical retirement and aged care operators. The opportunities are boundless.
When is location important? Always. Developers will benefit from 830 Plenty Road’s easy access to the Melbourne CBD – 11km to be exact. Four nearby hospitals, two universities a research and innovation hub and Northland Shopping Centre, all sit in immediate proximity, directly benefiting any future development completed. Preston, Thornbury and Coburg are some of Reservoir’s funky sisters and are drawing in many of Melbourne’s first home buyers.
Anchored by a boutique supermarket, plus 17 specialty stores, the property should be viewed through a creative lens to either re-position or entirely redevelop. The former approved permit provided for a residential development of over 300 residential apartments and 17 townhouses across 4 mid-rise towers.
Property summary:
- Substantial land holding of 1.02 hectares*
- Commercial 1 Zone (C1Z)
- Existing Net Lettable Area 3,686 sqm, plus 309 car spaces
- Anchored by a boutique supermarket plus 17 specialty stores
- Existing supermarket anchor tenant occupies 56% of the total NLA
- Marco Fine Foods & Groceries passing rent of $838,111 p.a. (represents 78% of the Total Passing Income)
- Excellent asset management opportunity with total occupancy being 68%* (by area)
- Total Passing Income for the entire property $1,081,634 p.a.
- Potential Gross Income $1,782,424 p.a.
- Estimated Net operating Income $908,489 p.a.
- Located within the La Trobe National Employment & Innovation cluster including world class education facilities with the La Trobe and RMIT Universities
- Close to four major hospitals including Heidelberg Hospital, The Austin Hospital, La Trobe Private Hospital, Warringal Private Hospital plus a number of Research & Innovation Centres
- Former permit for over 300 apartments plus 17 townhouses
- Development potential NSA 24,043 sqm / GFA 47,190 sqm
- All tenancies benefit from 6-month demolition clauses
To arrange a private inspection please contact the Cushman & Wakefield Melbco Retail & Development Sites team below.
Marcus Neill - +61 452 405 782
Daniel Wolman - +61 412 957 839
Oliver Hay - +61 419 528 540
Leon Ma 马海翔 - +61 417 070 725
LAWD
Lukas Byrns +61 423 791 126
Peter Sagar +61 414 843 854
- North Melbourne
