VicTrack, the government agency has reportedly sold off a plot of Somerville land to Brix Property Group, a Melbourne based medium density builder for an undisclosed price speculated to be more than $4.5 million.
Located at 1080A Frankston-Flinders Road, measuring around 1.1 hectares and situated in an ideal spot between the Somerville train station, the Somerville library and an Aldi market—has been officially labeled a General Residential Zone and is rumoured to be the future site of a $50 million development project.
The deal is one in a long line of transactions dating back to around 2002, which marked the official release of Melbourne 2030—a plan that called for added “urban development” among Victorian transport systems “to make jobs and community services more accessible.”
VicTrack, which specialises in land that surrounds Victoria’s heavily trafficked transport hubs, seems to have encouraged a number of both residential and commercial developments throughout Victoria. Perhaps most notable among these is the IKON Glen Waverly, which held a reported value of around $70 million upon completion.
The deal was transacted by leading Agents, Tim Gran & Andrew Greenway of Knight Frank.
View Listing Details here: https://www.developmentready.com.au/properties/108...
