Buy this, sell that; Fishermans Bend begins to run hot
What seemed like a relative lull in activity within Fishermans Bend has been busted in recent weeks as the Urban Renewal Area experiences an intense period of development activity. Land transactions lead the way with a host of sites capable of accommodating developments of various sizes on the market.
As many as a dozen sites within Fishermans Bend are currently offered for sale, signalling a spike in activity within the precinct which has seen seldom few projects released for public purchase thus far.
Of the sites for sale, two come with planning approval. 199-201 Normanby Road is the largest and includes provision for 262 apartments whilst 179 Gladstone Street is a more modest schemes that unsuccessfully launched as Custom Apartments.
Beyond those, the balance of sites currently on offer present as future development prospects.
South Melbourne's 90-96 Johnson Street is the largest with Fitzroys assigned to the 4,066sqm site which holds a combined frontage of 106 metres and CitiPower as a prime tenant. CBRE's 112 Munro Street also shapes as a site capable of handling substantial development with the triple fronted 2,023sqm parcel beyond the first round of offers.
Generally smaller in nature, the balance of sites are touting development potential of up to 18 levels with 12 Thistlethwaite Street a prime example.
In planning happenings three separate projects have recently entered the statutory approvals process.
118 Bertie Street Port Melbourne is subject to an 18 storey mixed use development comprising residential apartments and commercial space over a site which is currently utilised by the Power Group. Further Laconia House at 179-185 Normanby Road Southbank is also subject to a retail, commercial and residential tower proposal.
The tower would reportedly stand at 150 metres and include 318 apartments.
Also at planning is 272-280 Normanby Road which was recently put on the market according to Fairfax. Consultancy proUrban is running with a Hayball-designed scheme for a tower covering the site, although it remains unclear if the image above and what has been submitted for approval onsite are one and the same.
The wraps are also off 202-204 Normanby Road with City of Port Phillip providing detail on the project which would see 284 apartments created over a 40 level structure.
The flurry of land activity looks set to unleash an upswing in project releases within Fishermans Bend. Developer Third Street's P.M. Port Melbourne is set to create approximately 500 apartments for the precinct whilst Portal Properties' 181 Ferrars Street looks is likely to become the next project to head to sales.
At the foot of Fishermans Bend's Lorimer Precinct, 89 Lorimer Street has found a new owner with Colliers recently announcing a private offshore property developer has secured the site. With approval for 940 dwellings, the scheme was sold by local developer Little Projects after they managed to gain planning approval for the site which sits behind Mirvac's Yarra's Edge precinct.