Work starts on Polaris stage two
Work is set to begin on 68 townhouses and three buildings with 72 apartments at the former Larundel Mental Asylum in Plenty Road, Bundoora, Dealcorp managing director David Kobritz said.
The first stage of Dealcorp's 10-year $500million project was completed in April.
It included a town centre anchored by a Woolworths supermarket and Dan Murphy's liquor outlet with 26 retail shops on the ground level of a 64-unit apartment building.
Larundel, renamed Polaris 3083 by Dealcorp, is on a 12-hectare site opposite Bundoora Park.
Another proposed five-storey 378-unit development on Plenty Road recently gained planning approval to replace the derelict Smorgy's restaurant. Both developments are adjacent to La Trobe University's main Melbourne campus, which hosts up to 19,000 students.
"The advantage is we're next to a university but it will be conventional inner-city apartments and townhouses," Mr Kobritz said.
The Polaris site contains eight dilapidated red-brick buildings from the former hospital, half of which the masterplan shows will be converted for residential use.
The buildings had been empty for years and were badly vandalised.
Stage three of the project was likely to include some heritage conversions, Mr Kobritz said.
Dealcorp has retained ownership of the commercial real estate to ensure the mix of tenants is correctly managed.
"Until the residential is completed and further shops developed, we'll most likely hold on to it for the forseeable future," he said.
The project overall will house up to 700 apartments and townhouses in buildings rising between two and six levels.
A council-built community centre in one converted former hospital building will open at the end of this year.
Frequently Asked Questions about this Article…
Dealcorp is transforming the former Larundel Mental Asylum into the Polaris 3083 masterplanned community on a 12‑hectare site opposite Bundoora Park. The 10‑year, $500 million project will be delivered in 12 stages and is planned to contain up to 700 apartments and townhouses in buildings from two to six levels.
Stage two is set to begin with construction of 68 townhouses and three buildings containing 72 apartments, according to Dealcorp managing director David Kobritz. The article reports work is set to begin on those elements as part of the next phase.
Stage one, completed in April, delivered a town centre anchored by a Woolworths supermarket and a Dan Murphy’s liquor outlet, plus 26 retail shops on the ground level of a 64‑unit apartment building.
The overall Polaris project will house up to 700 apartments and townhouses. The masterplan features a mix of conventional inner‑city apartments and townhouses across buildings rising between two and six storeys.
Yes. Dealcorp has retained ownership of the commercial real estate on the site to manage the tenant mix and says it will most likely hold onto those assets until the residential stages are completed and further shops are developed.
The Polaris site contains eight dilapidated red‑brick hospital buildings, about half of which the masterplan shows will be converted for residential use. Dealcorp says stage three is likely to include some heritage conversions, and a council‑built community centre in one converted building will open at the end of this year.
Polaris sits adjacent to La Trobe University’s main Melbourne campus, which hosts up to 19,000 students. Dealcorp’s managing director has said the advantage is being next to a university, while the development will consist of conventional inner‑city apartments and townhouses.
Yes. A proposed five‑storey, 378‑unit development on Plenty Road recently gained planning approval to replace the derelict Smorgy’s restaurant. Both that project and Polaris sit next to La Trobe’s campus, indicating significant development activity in the Bundoora area.
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