Key Site Purchase at Moonee Ponds
Helen Wright 22 Oct 2013
Leighton Properties, in joint venture with real estate private equity firm Qualitas, has purchased a 1.34 ha site in Moonee Ponds town centre from Reading International for $23 million. The site will be transformed into a landmark, master planned community, which has the potential to provide over 800 apartments and 2,000sqm of ancillary retail, with an end value of around $450 million.
Leighton Properties Managing Director Mr Mark Gray said “The future development of this unique site with six street frontages in the heart of Moonee Ponds established and thriving town centre will be the first master planned development in the area and is set to become a landmark precinct”.
“The purchase of this site is consistent with Leighton Properties strategy to focus on inner ring urban renewal sites which are in prime locations, close to transport links, retail and places of work. The Moonee Ponds site is a great example of a transport orientated development, being immediately adjacent to rail, tram and bus links, coupled with a strong retail precinct built around the Moonee Ponds Central Shopping Centre and the prestigious Puckle Street, which retains a strong village atmosphere and thriving patronage.
“We expect a strong underlying demand from locals as there has been a significant undersupply of quality apartments in master planned developments within the Moonee Ponds area. Leighton Properties is committed to providing quality, integrated, mixed use communities and we believe this development will help satisfy some of this pent-up demand without impacting on Moonee Ponds village feel” said Mr Gray.
“Coming off the success of our WRAP project in Southbank, we are pleased to again be partnering with Qualitas. The project will offer a strong point of difference from those in surrounding suburbs with stunning, open north facing district views and south eastern views back to the CBD. The site has already been identified by Moonee Valley Council for high density residential development and we hope to submit a Planning Application in 2014” said Mr Gray.
Mr Mark Fischer, Director of Qualitas' real estate principal investment business added "Qualitas and Leighton Properties have a strongly aligned approach to real estate development. Our approach is to be a capital partner with leading developers and operators in respect of quality projects supported by strong fundamentals. Undoubtedly our investment in this project with Leighton Properties fits our criteria."
Qualitas Advisory Board Chairman Mr David Krasnostein said "Qualitas looks forward to contributing to the integrated development of the Moonee Ponds town centre and furthering our relationship with Leighton Properties."
The sale was undertaken jointly by CBRE and Colliers International through a Expressions of Interest campaign.
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National Marketing Manager
Phone+61 2 9925 6111
Email Helen Wright