By Benjamin Millar
A prime redevelopment site in Maribyrnong is on the market.
The Highpoint Homemaker Centre is up for sale, drawing expectations that it could sell for up to a record-smashing $80 million.
The 4.6-hectare site, owned by Highpoint’s owner GPT, is home to major retail chain stores including Spotlight, Rebel and Barbecues Galore.
Agents linked with the Homemaker Centre sale are highlighting the site’s redevelopment potential, noting that buildings of up to 10 levels are permitted. Recent developments in the vicinity have been permitted to go even higher, setting a precedent for future projects.
The sale comes as the Australian Bureau of Statistics’ latest building approvals data shows Footscray had Victoria’s third highest number of apartment, townhouse and unit building approvals in the 2017-18 financial year, behind only the CBD and Southbank.
The Homemaker Centre sale is being jointly handled by CBRE and Stonebridge.
CBRE national director Mark Wizel said being part of the Highpoint Activity Centre, which designates a preferred height limit of six to 10 levels, would provide flexibility.
“Core assets and centres with development upside continue to be highly sought after, as they provide either income security or flexibility for an owner,” he said.
“Highpoint Homemaker Centre provides both security and long-term redevelopment potential, which will appeal to a wide buyer pool.”
The site is a stone’s throw from the much smaller 19-21 White Street site, where Maribyrnong council has approved a 12-storey development that will replace two large warehouses. The $80 million project, approved in March, will include 268 dwellings above two retail tenancies.
Apartment projects of up to 18 levels are underway on adjacent Wests Road and thousands more dwellings have been flagged for the nearby former defence site.
Star Weekly has previously reported residents in the vicinity pushing back against high-density residential projects, raising concerns about carparking, building heights, open space and infrastructure.
Maribyrnong Council anticipates demand in the area for an additional 2400 dwellings, 15,000 square metres of office space, 70,000 square metres of retail space and 5000 square metres of bulky goods stores by the year 2045.
Expressions of interest in the Highpoint Homemaker Centre site close on Thursday, October 25.
