Redevelopment of the landmark former Bradmill factory site in Yarraville could soon be under way after being snapped up by developers for more than $200 million.
Frasers Property Australia and Irongate Group have partnered for a proposal to build more than 1000 new homes and a shopping centre at the derelict site, along with new parks and open space.
Bounded by Francis Street, McIvor Reserve and the Newport freight railway line, the site was home to the Bradmill denim factory until 2007, then rezoned from industrial to residential and mixed-use in 2011.
Frasers’ executive general manager for development Cameron Leggatt said the site offers a prime opportunity in an area with short supply of quality housing choices.
“First and foremost it’s a great precinct, Yarraville is a great suburb,” he said.
“I think the inner west is coming of age and really maturing – it’s a significant land holding of about 26 hectares, something of this size and scale is a unique opportunity and these are the things that have caught our eye.”
Mr Leggatt said the site has sat untouched for a long time and people have noticed the lack of activity, but the community can be assured that redevelopment will begin as soon as the site is adequately prepared.
“We’ve obviously got to go through a process of refining, but we are looking to hit the ground running,” he said.
“We are trying to get into the market with pre-selling activities in 2023 – there’s a bit of work to be done in remediating the ground and evolving from the former industrial use.”
The heritage buildings on site will also be respected and preserved, according to Mr Leggatt.
“They have suffered a little bit in recent times, but our plan is to incorporate those and bring that back to life,” he said.
“We think that is going to be integral in bringing back that life – we’ve still got to work up a final design, but if we can get that element right it will be highly attractive to the market.”
While previously slated for more than 3750 dwellings, predominantly in apartment towers, Mr Leggatt said the new joint venture expects closer to 1000 new homes in a combination of detached housing, townhouses and apartments.
“At this early stage we’re probably looking at a little bit more of detached and townhouse homes than apartments, but we’re still bedding that down,” he said.
