Broadmeadows

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A private Chinese investor has paid $5.5 million on a circa 6.3 per cent yield for a Broadmeadows industrial facility.
Dawkins Occhiuto’s Chris Jones and Walter Occhiuto brokered the deal.
Situated at 37-45 Camp Road, the property was sold fully leased to Telstra on a new five year lease, with two further three year options.
It has a a passing net income of $346,000 per annum.
The property comprises a purpose-built, 2178 square metre office (657sqm) and warehouse building with 102 square metres of canopy, on a 13,890 square metre site.
Mr Jones said the property offered a well-located, high quality, industrial investment with a blue chip tenant in a market with limited opportunities.
"Quality industrial investments around Melbourne have become difficult to attain and particularly in the north where exceptional transport connections and limited serviced land and development opportunities have driven substantial rental growth for existing facilities over the past 12 months."
He said supply constraints and the concomitant rental growth in the north were likely to drive further strong sales results and yield compression.
"Industrial yields have tightened by up to 50 basis over the last 12 months and are now at their lowest point in at least a decade. We will continue to see that tightening while industrial property offers such an attractive differentiation to other types of property investment,’’ Mr Jones stated. 
He said the Expressions of Interest campaign had attracted significant interest from a wide range of local, interstate and off-shore buyers.
The vendor was a Melbourne based private investor.
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j.ballantyne1990-6AQqhLzZaK

Chinese investor purchases Telstra leased Broadmeadows facility

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A Broadmeadows three bedroom house has been sold by mortgagees for $480,000.
It was listed by Andrew Butler and Annabelle Robinson from Brad Teal.
<a href="https://www.realestate.com.au/sold/property-house-vic-broadmeadows-127979194" target="_blank">Located at 6 Wilby Court</a>, the Victorian house comes with three bedrooms, large lounge and good size kitchen/meals.
Other features include a separate laundry, enclosed alfresco room and deep backyard basking in northerly sun.
It is with quick access to schools, Broadmeadows Central Shopping Centre and public transport.
<a href="https://www.urban.com.au/news/10505-broadmeadows-vic" target="_blank">The median house price sits on $550,000</a>, according to CoreLogic.
The property last sold at $35,000 in 1992.
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Broadmeadows three bedroom house sold by mortgagee

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The path Broadmeadows and surrounds will take in order to become a successful urban renewal showcase has become all the more clearer.

The Victorian Planning Authority (VPA) and Hume City Council have released the draft Greater Broadmeadows framework plan that, in time, will guide the area's transition from a somewhat maligned suburb to a precinct that can fully realise its potential. 

Key to Broadmeadows’ renewal and growth are a handful of major transport and infrastructure projects that will capitalise upon the area's already strong transport links.

<blockquote>
Broadmeadows already has so much key infrastructure and with the right planning and investment, we are sure the suburb will become a powerhouse of Melbourne’s north.
<cite>VPA Acting Chief Executive, Steve Dunn</cite>
</blockquote>

Chief amongst these is the transformation of Broadmeadows' town centre; initiating increased development along with a heightened pedestrian experience are key targets of the freshly released plan. The notation of diversified housing types within the town centre points toward the arrival of higher density housing stock.

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/image66_6.jpg" rel="gallery-all" title="Broadmeadows itself can expect heightened development activity. Image: VPA"><img alt="" class="image-article-full-width-580px" height="325" src="/sites/urban.melbourne/files/styles/article_full_width_580px/public/pictures/article-images/image66_6.jpg?itok=78h6yjS_" title="Broadmeadows itself can expect heightened development activity. Image: VPA" width="580"></a>

<figcaption>Broadmeadows itself can expect heightened development activity. Image: VPA</figcaption></figure>Also on the agenda is the push toward making the Meadowlink strategic priority area a thriving, 20-minute neighbourhood. This in part depends upon a significant expansion of the Meadowlink cycle network that will ultimately link four of the five priority areas within the Greater Broadmeadows framework plan.Also in line for change is the Maygar Barracks site, the Campbellfield business hub and the Upfield Ford site.

An increasing population and the need to diversity the area's jobs base have been highlighted by key figures within the Greater Broadmeadows framework plan. It's anticipated that by 2050, an extra 20,000 people will call the the Greater Broadmeadows area home, whilst jobs may expand from 27,000 in 2011 to as many as 60,000 by 2050.

From a public transport infrastructure standpoint, an extension of the Upfield train line and a new train station at Campbellfield can also be expected.

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/image65_2.jpg" rel="gallery-all" title="Five Hume precincts are earmarked for renewal. Image: VPA"><img alt="" class="image-article-full-width-580px" height="350" src="/sites/urban.melbourne/files/styles/article_full_width_580px/public/pictures/article-images/image65_2.jpg?itok=YGfr2206" title="Five Hume precincts are earmarked for renewal. Image: VPA" width="580"></a>

<figcaption>Five Hume precincts are earmarked for renewal. Image: VPA</figcaption></figure>Hundreds of hectares of land has been identified as subject to urban renewal within the Greater Broadmeadows framework plan. Post a public comment period that runs until 26 May, the VPA will finalise the plan then submit it to Hume City Council and the Minister for Planning for approval.

A result of two years of scoping and consultation, the draft Greater Broadmeadows framework plan can be viewed <a href="https://vpa.vic.gov.au/project/greater-broadmeadows/">here</a>.

<iframe allowfullscreen="" frameborder="0" height="350" scrolling="no" src="https://www.youtube.com/embed/LyoXizgw-04" width="100%"></iframe>
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silvermb

A new planning framework charts Broadmeadows road to future success

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Last week's announcement of funding for various Broadmeadows infrastructure projects has cast the often maligned suburb back into the urban renewal spotlight.

Designated a Major Activity Centre on the Metropolitan Planning Authority's citywide <a href="http://planvic.maps.arcgis.com/apps/Viewer/index?appid=b9ac624e3b344a4db2cefaa7a39bea2d">interactive project map</a>, the heart of Broadmeadows is set to receive $14.3 million from the State Government in order to continue its revitalisation, with Broadmeadows Train Station and Boadmeadows Town Hall accounting for the lion's share of funding.

More specifically the funding will:

<ul>
<li>Add $7m toward the $20.2 million refurbishment price tag for the Broadmeadows Town Hall, creating a community focused hub</li>
	<li>Contribute $4m to a new Broadmeadows Station northern entrance, concourse and toilets, and partial pedestrian subway upgrade</li>
	<li>Allow beautificalion works to commence along Pascoe Vale Road with $1 million for tree planting and improved crossings</li>
	<li>Add a further $2.1m to Meadowlink, the 3.2km bicycle, pedestrian and open space link that traverses Broadmeadows town centre</li>
</ul>
<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/image67_1.jpg" rel="gallery-all" title="Broadmeadows town centre from above. Image: MPA"><img alt="" class="image-article-full-width-580px" height="627" src="/sites/urban.melbourne/files/styles/article_full_width_580px/public/pictures/article-images/image67_1.jpg?itok=whyfOC56" title="Broadmeadows town centre from above. Image: MPA" width="580"></a>

<figcaption>Broadmeadows town centre from above. Image: MPA</figcaption></figure>Whilst not necessarily a startling figure, the $14.3 million investment set aside in the 2016/2017 Budget does confirm the State Government's ongoing commitment in pushing Broadmeadows through as an activity centre. The measured flow of capital into Broadmeadows does carry similar traits to the Revitalising Central Dandenong project where the heart of Dandenong received considerable State funding in order to upgrade infrastructure.

Thus far, both the State Government and Hume City Council have already invested heavily in Broadmeadows, with projects such as Hume Global Learning Centre, the Hume School Regeneration project, the state-of-the-art basketball stadium and the local aquatic centre recent additions.

All vested parties will hope that Broadmeadows will follow a similar path as Dandenong in that the south eastern suburb has since managed to attract a considerable level of private investment post public expenditure, with both commercial and apartment developments flowing into the suburb.

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/image70_3.jpg" rel="gallery-all" title="Future Broadmeadows and surrounds. Image:MPA"><img alt="" class="image-article-full-width-580px" height="528" src="/sites/urban.melbourne/files/styles/article_full_width_580px/public/pictures/article-images/image70_3.jpg?itok=3n_MUPGN" title="Future Broadmeadows and surrounds. Image:MPA" width="580"></a>

<figcaption>Future Broadmeadows and surrounds. Image:MPA</figcaption></figure>On a grander scale, redevelopment surrounding Broadmeadows' town centre will eventually encapsulate areas known as Northmeadows and Eastmeadows. With up to 60 hectares of underutilised industrial land on the agenda, the prospects for the creation of new urban villages is high.

Northmeadows is situated east of Broadmeadows proper and according to planning documents has scope to include essentially the full gamut of uses - namely housing, employment, commercial, recreation and leisure. Eastmeadows is potentially a long term regeneration area with a mixture of housing options and diverse employment earmarked for the area.

It is likely that both zones will incorporate a higher degree of housing density.

The Metropolitan Planning Authority and Hume City Council are calling for public feedback during the initial Community Engagement Phase, with the intention of creating a structure plan for Broadmeadows and surrounds which accommodates public expectations.

Information on Broadmeadows' regeneration can be found <a href="http://www.shapevictoria.vic.gov.au/broadmeadows">here</a>, with an associated <a href="http://shapevictoria.vic.gov.au/broadmeadows/survey">public consultation survey</a> also available.

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/image74_0.jpg" rel="gallery-all" title="A conceptualised new Broadmeadows. Image: MPA"><img alt="" class="image-article-full-width-580px" height="256" src="/sites/urban.melbourne/files/styles/article_full_width_580px/public/pictures/article-images/image74_0.jpg?itok=tEIj0K3Q" title="A conceptualised new Broadmeadows. Image: MPA" width="580"></a>

<figcaption>A conceptualised new Broadmeadows. Image: MPA</figcaption></figure>
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Broadmeadows receives a boost as urban regeneration beckons

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With the spectre of South Yarra Station's entrances and street interfaces <a href="https://www.urban.com.au/news/comment-south-yarra-platforms-for-melbourne-metro-rail-ruled-out">remaining unchanged</a> a real possibility in the near to medium term and with a booming high-density population centred around South Yarra's Forrest Hill Precinct, there remains a real likelihood that necessary infrastructure upgrades - such as a norther entry to the station - vital in meeting population increases in the area will not be delivered.

While South Yarra remains a prime example of infrastructure upgrades lagging behind population growth, there remains a broader opportunity to implement over a host of Melbourne railway stations a quality interface between these intensified places and surrounding neighbourhoods with the State Government's level crossing removal program. To that end, Urban.com.au spoke with Hayball Principal Sarah Buckeridge in order to garner her opinion on what factors are necessary in creating value for surrounding communities through integrated infrastructure upgrades, with rail at the heart of the discussion.

Having worked on proposals such as <a href="http://www.hayball.com.au/projects/proposition-3047/">Proposition 3047</a> and with a current apartment tower under construction in South Yarra's Forrest Hill, Sarah Buckeridge and Hayball at large are qualified to offer considered opinion on the matter.

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/f107_3595.jpg" rel="gallery-all" title="Forrest Hill looms large. Image courtesy wongm.com"><img alt="" class="image-article-full-width-580px" height="338" src="/sites/urban.melbourne/files/styles/article_full_width_580px/public/pictures/article-images/f107_3595.jpg?itok=D70BPyvd" title="Forrest Hill looms large. Image courtesy wongm.com" width="580"></a>

<figcaption>Forrest Hill looms large. Image courtesy <a href="http://wongm.com/">Marcus Wong</a></figcaption></figure>With an expanded South Yarra Station - adding two new platforms on the Melbourne Metro Rail tunnel - dismissed as too expensive, attention now is shifting toward making the current structure user friendly. While the potential removal of the Cranbourne-Pakenham line from the existing station once the Melbourne Metro Rail project is complete may reduce the numbers of people connecting between lines at South Yarra, Sarah notes that South Yarra Station is very much a single directional facility interfacing only with Toorak Road.

True success for the adjoining Forrest Hill Precinct is largely dependent upon meaningful integration with South Yarra Station and that requires at least another station entrance towards its northern end in order to better serve Melbourne High School and the surrounding apartment buildings. Quizzed as to Forrest Hill Precinct's overall success, Sarah notes that in the truest sense it has achieved what the original policy shift had intended: the transformation of a former industrial pocket into a high-density residential hub in a relatively short period of time.

While the towers may be new, Sarah Buckeridge also cautions on the need for public realm expenditure to mirror that of private investment. Hand in hand with South Yarra Station's increased functionality is the need for City of Stonnington to address key public realm needs within Forrest Hill Precinct such as footpaths, greenery and general amenity. Only then can Forrest Hill Precinct be judged in its entirety.

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/project-gallery_prop30471.jpg" rel="gallery-all" title="Integration with a station's surrounds is key. Image courtesy Hayball"><img alt="" class="image-article-full-width-580px" height="379" src="/sites/urban.melbourne/files/styles/article_full_width_580px/public/pictures/article-images/project-gallery_prop30471.jpg?itok=Di-3c8pp" title="Boradmeadows: integration with a station's surrounds is key. Image courtesy Hayball" width="580"></a>

<figcaption>Broadmeadows: integration with a station's surrounds is key. Image courtesy Hayball</figcaption></figure>Switching from the microcosm of South Yarra to a broader Melbourne context, Urban.com.au posed the question of whether existing rail lines and stations could/should be sunk with air rights above offered for development. Sarah explains that there is no 'one size fits all' solution, citing the $70m Ikon Glen Waverley development and pending transformation of Brunswick's Jewell Station as prime examples of public-private partnership which can bring an enhanced outcome to both a given station and its surrounds, without necessarily sinking rail infrastructure.

It's this cooperation between the public (Victrack) and private spheres which Sarah considers vital in producing exciting, integrated infrastructure nodes with long lasting community benefits. Asked if new technologies such as Cross Laminated Timber (which Hayball has used successfully elsewhere) has a place in the building of new railway stations, Sarah replied it remains a possibility owing to its many beneficial characteristics but ultimately the station must be first and foremost functional and integrated with its surrounds.

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/project-gallery_prop30474.jpg" rel="gallery-all" title="A reworked Broadmeadows Station. Image courtesy Hayball"><img alt="" class="image-article-full-width-580px" height="215" src="/sites/urban.melbourne/files/styles/article_full_width_580px/public/pictures/article-images/project-gallery_prop30474.jpg?itok=AiqIGTHE" title="A reworked Broadmeadows Station. Image courtesy Hayball" width="580"></a>

<figcaption>A reworked Broadmeadows Station. Image courtesy Hayball</figcaption></figure>Overarching the discussion was Hayball's work on devising an integrated outcome for Broadmeadows Station and its surrounds. Initially devised during 2006 as part of Architectural Review Australia’s ‘Proposition’ competition, <a href="http://www.hayball.com.au/projects/proposition-3047/">Proposition 3047</a> saw the redevelopment of the existing Broadmeadows train station with community, sustainability and accessibility at the crux of the design.

Winning the People’s Choice Award and the jury’s first prize at the time for the new inter-modal transit interchange and mixed-use development, it facilitated a new masterplan for a host of key sites within the greater Broadmeadows Transit City area. Prepared for the Department of Planning and Community Development, the 2011 Transit City plan also amounted to nothing, much to the disappointment of Sarah Buckeridge.

Sarah notes that rail station redevelopment can often act as a catalyst for further investment in the immediate area, as it's a central piece of infrastructure that naturally draws people toward it. The Broadmeadows plan was to have been a physical connector in an otherwise disjointed area, bringing with it a raft of community benefits such as increased, useable and engaging public spaces.

Described by Sarah as one of Hayball's best pieces of design, Proposition 3047 is nearly a decade old. Infrastructure investment by the State Government in Broadmeadows in particular has been limited to say the least over that period. As an stand alone design Proposition 3047 was valid then and still is now as an example of not simply redeveloping a given rail station, but taking it beyond to encapsulate a raft of features that can benefit the wider community.
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