Developer Time & Place and Corsair Investment Management have bought a site in Alphington, Melbourne for about $48 million to develop a $500 million mixed-use precinct.
The buyers bought a 20,660 sqm parcel of land within the greater Alphington Paper Mill precinct, where developers Glenvill and Caydon have started works on neighbouring sites.
The site came with a permit for a precinct comprising 25,000 sqm of retail, office and community facilities, as well as a build-to-rent residential offering.
Corsair Investment Management Executive Chairman and Founder Michael Fowler said they became intimately involved with the site through a debt deal with the previous owner.
“In our view the opportunity to participate in the development, from a funding perspective, on such a large and unique site was extraordinary,” Fowler said.
Time & Place director Tim Price said their build-to-rent offering anchored by a village precinct would go further to both fostering a greater sense of community through shared spaces, while also adding a diverse mix of housing options.
“We see a great opportunity to help shape a new neighbourhood by offering high-quality housing with great amenity to people from all walks,” Price said.
Recent development deals include Neometro’s acquisition of a recreation centre in Melbourne’s inner-city suburb of St Kilda East for $21.8 million this week, as well as ID_Land’s purchase of three parcels of land spanning 59 hectares in the southeast Melbourne suburb of Clyde for $140 million.
Last month, Make Ventures bought a Toyota dealership site in Preston in Melbourne’s north for $40 million with plans to develop a build-to-rent (BTR) property, while Altis Property Partners and Aware Super acquired a commercial building in Preston for $14.04 million with their own plans to also develop a BTR property.
Outside of Melbourne, Stockland and Western Sydney University announced plans to develop a 99-hectare site at the university’s Penrith campus into a mixed-use precinct, while Stockland and Japanese homebuilder Sekisui House teamed up to boost new housing in growth areas in the southwest and northwest of Sydney.