Opportunity arises from a failed Digital Harbour development
The commercial sector's apparent disinterest in the western end of La Trobe Street has given rise to one of Melbourne's premier residential development sites. At the foot of Victoria Harbour, 1000 La Trobe Street has emerged as The Millennium Site, a 6,007sqm land holding with the ability to hold approximately 600 apartments.
Land owner Digital Harbour Holdings has chosen to sell the prime site following years of staggered activity within their Digital Harbour Precinct, seeking instead to capitalise upon fervent market conditions which continues to seen strong prices achieved for inner city development sites.
Selling agent Colliers International is preparing for a tide of interest from both local and international developers as The Millennium Site represents the largest single development site currently available in the City of Melbourne. The current approved commercial scheme has been superseded with the below concept, yet still allows for a total of 47,940sqm of residential living gross floor area.
What they say
The Millennium Site forms part of Melbourne’s waterside precinct which will benefit from the redevelopment of Harbour Esplanade. Situated between Southern Cross Station, Etihad Stadium, New Quay, the waterfront, and the soon to be announced E Gate precinct, The Millennium Site will be a key element within a highly connected precinct linking the Melbourne CBD to the Docklands waterfront.
There is a tram stop on the doorstep of the site and developers will be able to capitalise on the uninterrupted water and CBD views from the upper levels of any potential future development. CBD development sites are becoming increasingly popular among developers as central CBD precincts become more tightly held.”
Melbourne as a city has a diminishing supply of prime residential development opportunities, with development sites increasingly hemmed in by adjoining buildings. Docklands is not as intensively developed on a site-by-site basis, so it is becoming increasingly desirable for residential development because there are more opportunities to optimise both built form outcomes and future view lines.
Trent Hobart, Colliers International media release
Docklands is also becoming more connected to the CBD. Whereas once Docklands was thought of as a very separate precinct, new roadways, pedestrian access and tram super stops have seen it become increasingly thought of as part of the western core of the CBD.
Bryson Cameron, Colliers International media release
All washed up
A string of commercial developments at the Docklands end of La Trobe Street have failed to materialise in recent years, much to the delight of residential developers. Subject to a low-rise commercial development, 695-699 La Trobe Street is now with Salta Properties seeking approval for a 303 apartment development while the neighbouring 685 La Trobe Street development site was sold to a residential developer following its unsuccessful commercial leasing campaign.
Diagonally opposite The Millennium Site, Chinese-aligned Capital Alliance Investment Group is delivering M Docklands, a mixed-use residential and hotel tower that backs onto Etihad Stadium. The residential prospects of The Millennium Site coupled with the five most recent development site sales in Docklands averaging $7000/sqm points to the inherent value that this emerging Docklands residential pocket holds.
