Rich lister George Kepper lists Melbourne mixed-use site with $110 million expectations

Rich lister George Kepper lists Melbourne mixed-use site with $110 million expectations
Rich lister George Kepper lists Melbourne mixed-use site with $110 million expectations

BRW Rich Lister George Kepper has listed an outer Melbourne development site with expectations of more than $110 million.

The “Eastridge" at 266-268 Maroondah Hwy is a 21.4 hectare mixed-use site along the Maroondah Highway in Chirnside Park, was once due to be home to a new Masters store.

The site has a residential-zoned component spread over  9.55 hectares and a commercial  area on 11.86 hectare. 

The latter includes the headquarters of Kepper's property investment business KFT, in addition to ground floor restaurants, a cafe and bar.

In December 2015, KFT got a permit for a Masters home improvement store and a Dan Murphy's liquor store on the site, but the plan came undone when Woolworths decided to pull the plug on the struggling DIY chain in 2016, according to The Australian Financial Review.

Work on the the Dan Murphy's store is on and is expected to provide a 15-year income stream when completed alongside rental income from the existing commercial buildings. The site also comes with a permit for a 13,400-square-metre large format retail centre.

The properties generate a net passing income of $1.06 million p.a. 

Architects DKO have drawn up plans for a mix of office, retail, high-rise residential, retirement and aged care on the commercial-zoned portion of the site with a large townhouse and medium-density development in the residential portion.

The site is being sold through an an international expressions of interest campaign run by CBRE's Mark Wizel, Julian White, Lewis Tong and Nathan Mufale.

Its offering to the market comes following a number of major infill site sales in Melbourne with the likes of Stockland seeking townhouse development opportunities.

"Development of the site is perfectly timed to cater for strong demand for master planned product in established areas that have vast retail amenity, employment drivers, educational institutions and other infrastructure," said White.

Eastridge is opposite the Chirnside Park Shopping Centre, due to undergo a $52 million expansion and a 176-townhome development called The Enclave.

Tags: 
Melbourne Development Site

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