Owners of the former Bradmill site have less than three months to begin building a new shopping centre and library on the site before their permit expires.
Beijing-based developer Chang Sheng has entered a $172 million agreement for the 24-hectare Yarraville property in a joint-venture with local Chinese media businessman Tommy Jiang.
Maribyrnong council director of infrastructure Nigel Higgins said a planning permit still existed for a $20 million shopping centre development, including a new library beneath apartments, a medical centre, restaurant, service station, two supermarkets and 30 shops – all of it on the north-east portion of the site at 341-351 Francis Street.
“No construction has occurred yet on site and the planning permit will expire on February 28, 2017 if construction does not begin,” he said.
A masterplan for the rebadged ‘Yarraville Gardens’ development allows up to 1500 dwellings in a mix of townhouse and apartment buildings ranging from two to eight stories.
Mr Higgins said any significant departure from the overall site’s masterplan including an increase in density would require a Planning Scheme amendment.
“The masterplan provides a number of infrastructure projects required by the owner to deliver including a new library, reuse of the heritage buildings for community facilities and more than five per cent of the site area allocated to open space,” he said.
“At this stage, Council has not received any indication from the new owners that will be seeking to vary the masterplan.”
Mitchell Asset Management managing director John Mitchell, who handled the sale of the land, said the new owners are considering their options.
