Foxtel's Melbourne office in Moonee Ponds has been put up for sale by owner Charter Hall with the redevelopment opportunities for its adjacent car park featuring among the pluses highlighted in the marketing material for the site.
The sale transaction of the building which has just over 7,000 square metres of lettable area, all of which is leased to Foxtel, is jointly handled by Colliers International and CBRE.
The building recently completed a $1.5 million refurbishment programme which saw new end of trip facilities, upgraded bathrooms and carpets added to the building.
Trent Preece of Colliers International said the entire site, which is zoned with Moonee Valley's Activity Centre Zone 1, could see new residential or commercial development on or above the adjacent multi-level car park.
“There is potential for future residential development, or to build above the current multi-deck car park,” Mr Preece said. “The property, and any future development will also benefit from its location just 100m from Moonee Valley Racecourse which is about to undergo a $2billion re-development over the next decade providing 2,000-plus apartments plus entertainment, mixed use and world-famous racecourse hosting the Cox Plate."
“Given its favourable zoning and substantial street frontages, the property presents a genuine potential for future high-density development on the under-developed land component at the eastern end of the site as well as opportunities for constructing additional levels above the existing office building."
The expression of interest campaign ends this week on Wednesday at 2pm.
Moonee Ponds has featured many times on Urban Melbourne owing to the concentration of new projects in the pipeline in the area.
In November of last year, the Moonee Valley Racing Club released its updated vision for the racecourse & surrounding land. It included a clearer picture of how the equestrian and grandstand infrastructure will develop and the club announced it would be partnering with Hamton for the residential development component of the vision.
The only planning application to make its way on to the Moonee Valley City Council's website relates to repurposing the former Club's Secretary's house to a child care facility.
The largest project in the suburb is the redevelopment of the former Moonee Ponds market side by Caydon which recently saw one of its final stages launch its marketing campaign. Some of the first apartments will transition out of construction soon - the two Hall Street towers are effectively structurally complete with internal work still progressing.
Furthermore, in February Urban Melbourne summarised the development pipeline for the suburb and since then we've spotted works starting on sites like 350 Ascot Vale Road, 33 Hall Street and pocket-rocket Editor on Taylor Street has flown up.
In fact, the experience with the Editor project shows the value on 'goldilocks zone' developments: they're very quick to build with construction crews only taking 4-5 months to go from street level to ultimate height on the Editor site.