China developer pays $11.67 million for Brimbank site

A developer from China has paid $11.67 million for an 8.78 hectare VicRoads site in the City of Brimbank, in one of Melbourne’s key growth corridors.

The deal was brokered by Savills Julian Heatherich, Jesse Radisich and Nick Peden.

The 80a and 80b Oakwood Road, Albanvale property adjoins Brimbank Shopping Centre.

It has two street frontages totalling 225 metres zoned General Residential providing for a range of development options.

Easements and non-developable areas leave a developable area of circa 4.5 hectares.

Mr Heatherich said it was likely the new owner would pursue a townhouse development.

"The demand for housing in established centres, particularly next door to a shopping centre and with public transport and other amenity including recreation and education facilities already in place, is enormous. 

Radisich said infill sites in Brimbank, one of Melbourne’s most important growth centres, were a magnet for developers.

Brimbank is Melbourne’s third most populous municipality with a predicted increase in the number of dwellings of 11.6 per cent over the next 20 years while house prices in Albanvale have risen more than 30 per cent in the three years to January.