128ha former Defence site for sale in Maribyrnong could be home to 6000 houses
ONE of the biggest slices of real estate to hit the market in suburban Melbourne in years — larger than nearby Seddon — has been earmarked for up to 6000 new homes about 10km from the CBD.
THE Department of Defence has officially put a suburb-sized slice of Maribyrnong up for sale.
The 128ha site 10km west of Melbourne is bigger than nearby Seddon and has been earmarked for sale since early 2017.
Yesterday it was officially put to the market for registrations of interest.
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Up to 6000 homes as well as improvements to local transport and ongoing jobs are expected to be part of the development. The site’s potential to address housing affordability in Melbourne was touted by the government when they confirmed plans to have the site developed last year.
Known as the Defence Site Maribyrnong, the property at 2 Cordite Ave was used for a range of military purposes including a former defence research laboratory precinct — but is now surplus to the department’s needs.
Last year a Chinese developer proposed a $2.5 billion project for the site.
It has stipulated the site’s history be built upon with a mix of residential and social housing, as well as employment opportunities.
CoreLogic’s Australian head of real estate Geoff White said the size and location of the supersite would make it extremely attractive.
“It will be pretty sought-after real estate,” Mr White said.
“It’s a suburb in itself, virtually. And in time it’s obviously going to transform that location and that area of Melbourne.”
He added its proximity to the CBD would make it popular with many homebuyers in the future.
CBRE are handling the sale but were unable to comment.
It is expected only developers with a track record in large scale urban development, heritage protection and with significant financial backing to buy and remediate the site will move through to the third stage of the purchasing process.
Environmental Protection Authority testing has revealed the site was contaminated by its past use, and it is understood the site has been partially remediated with the successful developer to undertake the final remediation works.
The site was used to create bombs, mines and was toxic enough in places that Defence have had to undertake their own remediation works.
It is the latest in a series of Melbourne supersites opened up to developers including the 163ha former Lilydale Quarry, which commenced selling to homebuyers earlier this month.
The registrations of interest process for the Maribyrnong site ends at 3pm, November 19.
A deal is not expected to be finalised until 2020.
Originally published as 128ha former Defence site for sale in Maribyrnong could be home to 6000 houses