Yarraville

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A Yarraville block of apartments was sold in one line at weekend auction for $2.72 million.

The six two-bedroom units had been advertised as having a conservative rental return of about $90,000 a year.

The apartments were typically between 60 sqm and 70 sqm.

The price guide was $2.25 million to $2.4 million.

There were four bidding groups seeking the two storey brick block on 836 sqm at 30 Stephen Street on the corner of Berry St.

Its reserve came as $2.55 million at its Greg Hocking auction.

It was reportedly listed by a family of real estate agents and sold to another real estate family.

<h2>Local Yarraville Projects:</h2>

[smartcode_project:default project_id=24477]

[smartcode_project:default project_id=3566]
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The Yarraville block of six sold for $2.72 million

jchancellor

Yarraville apartment block sold for $2.72 million

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The Yarraville home of the AFL player Jordan Roughead has sold for $815,000.
The Western Bulldogs player Jordan Roughead secured $65,000 over reserve through Terry Fitzpatrick of Jas Stephens.
It was a couple with two children from West Footscray who fought off three other bidders to secure the three-bedroom weatherboard on Urwin St.
Roughead paid $610,000 in early 2012.
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jchancellor-FAypfDUnLy

Jordan Roughead sells in Yarraville

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The hockingstuart Yarraville-based estate agency will contribute $45,000 to the Victorian Consumer Law Fund, after it acknowledged contravening Victorian laws relating to the sale of residential properties.
The Director of Consumer Affairs Victoria accepted an undertaking from Hocking Stuart Yarraville and its directors after they acknowledged that the company contravened sections 18 and 30 of the Australian Consumer Law (Vic) and underquoting provisions of the Estate Agents Act 1980.
The worst example was a Footscray property (above) that had sold for more than $1.3 million in March 2014 and then advertised with price guidance in online ads or in emails at "$1,000,000 plus" in November and December of 2015.
It then sold for $2.11 million in December of 2015.
Their trading company L&amp;L Dardha acknowledged:
<ul>
<li>making false and misleading representations about the sale of property, knowing the vendors were not likely to sell the property for the advertised price</li>
<li>advertising properties on the realestate.com.au website at prices likely to mislead potential purchasers because they were in a lower price bracket than the agency’s estimated selling price (ESP) or estimated sales range (ESR) on the sale authority</li>
<li>advertising a price range online or in emails, which was less than the ESP or ESR on the sale authority.</li>
</ul>
The contraventions related to six properties in Altona North, Brooklyn, Footscray, West Footscray and Yarraville.
Acting on an initial complaint in December 2015, Consumer Affairs Victoria’s investigation found that, among other things:
<ul>
<li>three of the six properties did not state the agent’s ESP or ESR on the sales authority</li>
<li>two of the properties were advertised at a price range that was less than the ESR on the authority.</li>
</ul>
On a West Footscray property's signed authority, the agent's ESR of $600,000 to $660,000, yet in email correspondence to prospective purchasers, the advertised price range was listed as "$550,000 plus".
As part of the undertaking, the company has also agreed to:
<ul>
<li>display a notice at its place of business acknowledging the contraventions, and</li>
<li>implement a compliance program, which includes appointing a compliance officer, establishing a complaints handling system and providing regular training for staff.</li>
</ul>
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j.ballantyne1990-6AQqhLzZaK

Hockingstuart Yarraville acknowledge underquoting on $2.11 million Footscray home

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Former Tigers’ ruckman Angus Graham, who played 48 games with Richmond between 2007 and 2012, has his Yarraville townhouse listed for July 8 auction.
The agent is quoting $900,000 to $950,000 for the three bedroom, two-bathroom home.
The Gamon Street last sold for $663,000 seven years ago to the carpenter.
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firstname1-iYD4UYzvBa

Angus Graham lists Yarraville townhouse

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There was a strong weekend result at Yarraville where a former hessian bag factory remodelled by architect Angela Banks fetched $1,315,000.
It sold at $115,000 above reserve with competition from three bidders.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2019/8/30/yarraville%202%201.jpg" alt="">
The buyer of the <a href="http://www.jasstephens.com.au/28_TARRENGOWER_STREET_YARRAVILLE_VIC_3013_SOLD" target="_blank">28 Tarrengower Street offering</a> had been looking since early this year.
The 1880s property last sold at $290,000 in 2004 had a $1.12 million to $1.19 million price guidance through the Jas Stephens agency.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2019/8/30/yarraville%203%201.jpg" alt="">
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Former hessian bag factory in Yarraville sells for $1,315,000

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"An unparalleled opportunity to define Melbourne's inner city landscape forever." Not so long ago this may have been considered marketing hyperbole yet every instance where revised renders of the Yarraville Gardens site surface, the project density increases considerably. Unparalleled opportunity; well there may well be an element of truth to that statement.

Currently for sale, the stupendously large 240,000sqm parcel was formerly the home of Bradmill. With the manufacturer long gone, the site was demolished recently in anticipation of "Incorporating a mixture of residential, retail and commercial components. A neighbourhood shopping centre is proposed for the north-east corner of the Bradmill site which will incorporate a supermarket, specialties and a small number of non-retail commercial tenants.

These comments were taken from an Essential Economics report tabled during 2006 and facilitated by <a href="https://www.urban.com.au/council/maribyrnong">Maribyrnong City Council</a> on the basis of 1000 new dwellings. Since that point it's been interesting viewing renders of the development site come and go, all the while a noticeable increase in project density evident.

<a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/index_Slide2_09.jpg" rel="gallery-all" title="Yaraville Gardens overview. Image © Peddle Thorp."><img alt="" class="image-article-full-width-702px" src="http://urbanmelbourne.info/sites/urbanmelbourne.info/files/styles/article_full_width_702px/public/pictures/article-images/index_Slide2_09.jpg?itok=r-fbNxTL" title="Yaraville Gardens overview. Image © Peddle Thorp." typeof="foaf:Image"></a>

The latest iteration above sees <a href="https://www.urban.com.au/architects/peddle-thorp-architects" target="_blank">Peddle Thorp</a> deliver a scheme with no less than 13 apartment buildings, seemingly between 10 and 25 levels; a scale of development not envisaged for Yarraville Gardens until now. Gone are any signs of detached housing, rather terrace/townhouse rows line the streets, most of which are four levels in height with the development yielding a minimum 1500 dwellings. Many more are possible should the site developer seek a higher density as expected.

The north-east corner of the site has been portioned off to deliver "A 10,000sqm neighbourhood shopping centre, a new 800sqm Yarraville library and more than 400 onsite car parks" according to selling agent <a href="https://www.urban.com.au/industry/cbre-city-sales" target="_blank">CBRE</a>. This centre will not only cater for existing nearby residents but for the expected 7000 plus residents expected to call Yarraville Gardens home once complete. Interestingly enough the YouTube <a href="http://www.youtube.com/watch?feature=player_embedded&amp;v=nokEbZm_eq8" target="_blank">marketing video</a> suggests that even higher densities can be achieved with all levels of council in support of such a move.

<a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/index_Slide3_09.jpg" rel="gallery-all" title="Green space dominating within the development. Image © Peddle Thorp."><img alt="" class="image-article-full-width-702px" src="http://urbanmelbourne.info/sites/urbanmelbourne.info/files/styles/article_full_width_702px/public/pictures/article-images/index_Slide3_09.jpg?itok=R_UtLPsP" title="Green space dominating within the development. Image © Peddle Thorp." typeof="foaf:Image"></a>

With a sale price tag of $100 million plus, Yarraville Gardens draws parallels to the recent <a href="http://www.theage.com.au/victoria/sole-residents-soon-to-have-4000-neighbours-20130704-2peuf" target="_blank">sale</a> of the Amcor site in <a href="https://www.urban.com.au/new-apartments/alphington-vic">Alphington</a> in terms of size, total dwellings and proximity to <a href="https://www.urban.com.au/new-apartments/melbourne-vic">Melbourne's CBD</a>. While Amcor will be predominantly low-rise with buildings peaking around eight levels, Yarraville Gardens will seemingly take the high-rise option. Whether the higher density high-rise outcome leads to ample tracts of open space as illustrated above is another question - but you certainly hope so.

An influx of potentially 7000 residents also raises questions of infrastructure. Nine pre schools and primary schools are immediately east of the site, yet a simple Google search shows there are no secondary colleges nearby. And what of public transport options or the residents of Francis Street? For so long they have campaigned to have freight trucks removed from the area - you may well get your wish but in return have a few extra thousand private vehicles use Francis Street daily - or worse yet, both.

Regardless a site of this magnitude is certainly one to watch and given the scale of the development a <a href="http://www.yarravillegardens.com.au" target="_blank">website</a> has been created to assist with the sales process, which includes a sleek promotional video for Yarraville Gardens. The expression of interest campaign closed early August so a public statement as to the buyer should be imminent.

<a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/Image4_11.jpg" rel="gallery-all" title="Potential views from Yarraville Gardens. Image © Peddle Thorp."><img alt="" class="image-article-full-width-702px" src="http://urbanmelbourne.info/sites/urbanmelbourne.info/files/styles/article_full_width_702px/public/pictures/article-images/Image4_11.jpg?itok=3w8wcKNq" title="Potential views from Yarraville Gardens. Image © Peddle Thorp." typeof="foaf:Image"></a>

Until that announced and subsequent development plans are firmed, I guess it's a case of sitting back and enjoying the views!
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