The former Bradmill denim factory in Yarraville has been sold to a local developer for more than $160 million.
Tommy Jiang, who owns a Chinese language newspaper and radio station in Melbourne, has reportedly bought the 24-hectare site from former Carlton football club vice-president Colin De Lutis.
Mr De Lutis paid $7 million to take over the ailing Bradmill business when it went into receivership in 2002 and later paid $16 million for two neighbouring blocks.
Manufacturing ceased after fabric weaving was sent overseas in 2007.
A $2 billion “mini-city” is now expected to rise on the renamed ‘Yarraville Gardens’ site, which has been on the market for two years.
The renaming has upset Maribyrnong Council due to its clash with the existing Yarraville Gardens parkland.
The area was rezoned from industrial to residential and mixed-use in 2011 with the backing of an independent planning panel and the Maribyrnong council.
The rezoning allows 1500 new dwellings in a mix of townhouses and apartment blocks of up to six storeys.
Bounded by Francis Street, McIvor Reserve and the Newport freight railway line, the area was marketed as having “significant scope” to increase in density, subject to approval.
An overseas buyer was close to buying the site for $120 million but the deal fell through.
Mr Jiang, who acquired the site through his Fortune Property Group, told Fairfax Media he wants to contribute a landmark in Melbourne’s west.
“I’m a local Chinese and I’ve been living 27 years in Australia,” he said.
“We’ll need to talk to the government for their idea for the western suburbs planning. We also want to bring in some new ideas, to create more benefit for local people.
“We want to build up a nice shopping centre and community activities. We want to continue the history of the site.”
Mr De Lutis was last year granted planning approval for a $20 million development on the Francis Street edge of the site that will include a new library, medical centre, restaurant, service station, two supermarkets and 30 shops.
Former Maribyrnong mayor Grant Miles last year told Star Weekly that Maribyrnong Council would lobby the state government to boost public transport serving the site.
