Car park to be turned into 16 storey site at Moonee Ponds

With Leighton Properties acquiring prominent Hall Street site for $23 million, Melbourne's Moonee Ponds has been earmarked for a major residential redevelopment.

The site has five titles and six feet frontages, and is 1.339 hectares.

The boundaries of the site are 40 Hall Street, 34-36 Margaret Street and 56-62 Aspen Street.

The sale was conducted by CBRE's Scott Orchard, Justin Clarkson and Ari Petrovs, with Colliers' Peter Bremner and Jeremy Gruzewski, on behalf of vendor Reading Entertainment.

There are plans for a residential, and retail, development of up to 16 levels in height.

"This landmark development will help transform the suburb of Moonee Ponds into a thriving community just 6.5 kilometres from the CBD," Clarkson said.

Currently the site is used as a car park.

The site, which was the former home of the Moonee Ponds market, is currently used for car parking purposes.

"Very rarely does a site of this size present itself with such extensive possibilities to deliver a landmark mixed use project of exceptional scale and town-centre prominence," Orchard said.

"The surrounding public transport and retail amenities, which include Moonee Ponds train station, a major bus interchange and tram line, Puckle Street retail strip and Moonee Ponds Central Shopping Centre, will ensure the success of a high density, mixed-use development on this site."

The site was identified as suitable and preferred location for high density and highrise development within the Moonee Ponds Activity Centre Structure Plan.