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News release


Ringwood is going places

321-323 Maroondah Highway and 2A Oliver Street, Ringwood

MELBOURNE, 11 JULY 2013 – Ringwood’s enormous development potential is starting to take shape with a number of projects currently underway in the city’s centre.

The precinct is firing ahead with new development including:
• $500 million  expansion of Eastland incorporating retail outlets, commercial offices, art gallery, hotel and leisure facilities;
•  46,000 square metres of additional commercial and 86,000 square metres of additional retail;
• State of the art library and learning centre;
• $80 million  Costco development with additional retail and commercial plaza on the former Ringwood Market site;
• Residential transformation with over 400 newly constructed dwellings;
• $46.5 million Regional Aquatic and Leisure Centre; and
• $60 million Ringwood Station and Bus Interchange upgrade integrating with Eastland, Town Square, library and former Ringwood Market site.
(Source: Maroondah City Council).

Given this activity, Jones Lang LaSalle are expecting to attract significant local residential developer interest when they take a prime residential development site with an approved town planning permit and endorsed plans on the corner of Maroondah Highway and Oliver Street, Ringwood to market next week.

Matthieu Lucas and Steven Messina of Jones Lang LaSalle are marketing the 2,272 square metre site, which has a permit for 44 apartments over four levels with basement carparking. The apartment schedule comprises 17 two bedroom apartments, 6 one bedroom apartments plus study, 21 one bedroom apartments plus 54 basement car spaces.

Located approximately 25 kilometres from Melbourne’s CBD, the rectangular shaped parcel of land has three titles and benefits from a 32.05 square metre frontage to Maroondah Highway, corner frontage of 6.29 metres, a frontage to Oliver Street of 58.87 metres and a depth of circa 61.42 metres.  An existing house is currently located on each title, with all three tenanted on short term rental arrangements.

Mr Lucas said “we expect the property to be highly sought with local residential developers given the current demand for residential apartments within activity centre areas supported by strong local amenity. This site exceeds these expectations due to its close proximity to the development underway in Ringwood’s City Centre.”

Mr Messina added “as permits for the site are already in place, 321-323 Maroondah Highway and 2A Oliver Street will not be affected by the Victorian Planning Zone reform zoning changes which came into effect on the 1st of July”.

The site will be offered for sale via Expressions of Interest closing 3pm Thursday 15th August.