Landmark Dandenong development site up for sale by CBRE

A The highly optimized Dandenong super site, measuring approximately 8.36 hectares, is set to test buyer appetite for large-scale redevelopment projects.

The Island represents one of the world’s most significant mixed-use proposals. come to the Melbourne market in recent years.

CBRE’s Trent Hobart, Nathan Muphale, Chris O’Brien and David Aiello have been engaged by the exclusive private property syndicate to promote the development through an international Expressions of Interest campaign due to close in mid-November.

Landmark proposal has international significance and comes as the City of Dandenong prepares to add another 28,000 residents over the next ten years after increasing gross regional product by $4.1 billion between 2017 and 2022.

This provides a strategic opportunity to leverage Dandenong’s current growth trajectory, with property immediately adjacent to 227 Pacific Highway, a site recently approved for 30 townhomes, 40 apartments and a prominent retail development.

“We expect strong interest from major domestic, interstate and international developers, driven by the property’s fast-growing location and significant development potential,” – said Mr. Hobart.

“Opportunities of this magnitude are rare, especially considering the significant area, high façade and unparalleled opportunities it provides.”

During the year until March 2024 Construction of new homes in Victoria has fallen to a ten-year low of just over 51,000.

The Island will provide a significant residential development, subject to the receipt of appropriate planning permission. using an approximate 775 meter frontage across the Princes Highway, Heatherton Road, Heatherton Link Road and Adelaide Street.

This provides significant access to more than 60,000 passing vehicles daily. and immediate access to multiple highways and major highway networks.

The site was put together and fully optimized by a private syndicate to include multiple titles in two packages. with multiple entry/exit points as well as strong holding income from various existing commercial improvements. This provides flexibility for potential buyers and a favorable window for promising development opportunities.

“We are witnessing significant investment by both public and private enterprises in the Dandenong commercial hub. This is one of seven national employment and innovation clusters in the state, and this opportunity provides an opportunity to leverage that growth into a major mixed-use enterprise.” Mr. Muphale concluded.

The Island, Sites A and B in Dandenong are offered individually or together, with the International Expressions of Interest process due to close next month.