Places Victoria in sale hope
The government-backed entity has listed the 1.3-hectare site on Hopkins Street with an asking price of at least $18 million after acquiring it for $21 million about two years ago. The price does not include $1.27 million in stamp duty.
The property has been put to market before Places Victoria's proposal to build a 795-unit, high-rise complex has been vetted by Planning Minister Matthew Guy.
A department spokeswoman said the application was under consideration and the minister was unable to comment.
The decision to sell 4 Hopkins Street comes just a few months after the property was advertised for short-term lease, with tenants sought to occupy the office, showroom and warehouse spaces on the former LeMans Toyota site.
Places Victoria had intended to develop the property once it took possession in late January, but it is believed the plan was aborted because of its precarious finances.
Places Victoria chief Peter Seamer said the group had been exploring the "urban renewal potential" of the site since signing the sales contract 2½ years ago.
"Our review of the LeMans site in Footscray has shown that it could be delivered by the private sector," he said. "Places Victoria will have completed a site master plan and subject to planning approval will present to the private sector a great development opportunity."
The master plan for the Footscray site envisions eight buildings of six to 23 storeys with 795 apartments. The development would include commercial spaces.
The property is being marketed by Nick Peden of Savills Australia and Paul Henley of Knight Frank.
"State and local governments are committed to improving the Footscray area including upgrading the Footscray railway station and carrying out investment attraction campaigns to increase awareness of business opportunities," Mr Peden said.
"With its eclectic character and emerging arts and cultural scene, it will continue to draw workers and new residents to make it one of the most vibrant places in Melbourne."
Places Victoria reported a $18.8 million loss in the 2011-12 financial year following sharp write-downs in the value of its property portfolio. Staff numbers have been cut by 63 per cent in the past six months. The group is also leaving its headquarters in the premium Goods Shed North building at Docklands in favour of cheaper accommodation.
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Frequently Asked Questions about this Article…
Places Victoria has put the 1.3-hectare former LeMans Toyota site at 4 Hopkins Street, Footscray, on the market after previously considering redevelopment. The site is being marketed to private buyers while a planning application for a large high‑rise project is under consideration.
The site has an asking price of at least $18 million. Places Victoria acquired the property for about $21 million roughly two and a half years earlier; that original purchase did not include about $1.27 million in stamp duty.
Places Victoria’s master plan envisages eight buildings of six to 23 storeys comprising around 795 apartments, along with commercial spaces. The proposal would be delivered subject to planning approval and interest from the private sector.
As reported, the development application has been lodged and is under consideration. Planning Minister Matthew Guy had vetted the proposal, but no final decision or public comment from the minister was provided at the time of the article.
The article indicates Places Victoria intended to develop the site after taking possession, but plans were believed to have been aborted because of the group’s precarious finances. The organisation is positioning the site as an opportunity for the private sector once planning approval and a master plan are in place.
The property is being marketed by Nick Peden of Savills Australia and Paul Henley of Knight Frank.
Places Victoria reported an $18.8 million loss in the 2011–12 financial year after sharp write-downs to its property portfolio. The group cut staff numbers by about 63% in six months and moved from premium headquarters to cheaper accommodation as part of cost reductions.
According to the marketing agent, state and local governments are committed to upgrades in Footscray—such as improving the railway station—and investment attraction campaigns. Those improvements, plus the area’s emerging arts and cultural scene, are expected to increase interest from workers and new residents, which could boost development and investment potential for the Hopkins Street site.
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