One of Melbourne’s most long-awaited and significant development opportunities is being brought to market, as Development Victoria seeks formal registrations of interest from partners to transform the 3.9 hectare Fitzroy Gasworks site.
The rare opportunity to partner with Development Victoria to deliver its vision for a thriving residential, commercial, and community precinct in Fitzroy North has already attracted significant interest among Australia’s leading and most active developers.
Reflecting and respecting the place’s industrial, social, and Aboriginal heritage, Fitzroy Gasworks will become a vibrant new hub in the inner north.
“The transformation of the former Fitzroy Gasworks site is one of Melbourne’s most exciting projects,” said Mr Geoff Ward, Group Head Precincts Development Victoria. “We are looking forward to partnering with industry to create a sustainable and vibrant community, filled with experiences, people and uses just as diverse as the places that surround it.”
Fitzroy Gasworks will showcase a whole-of-Government approach to urban renewal and regeneration. This holistic approach balances people and place, along with cultural, social, and historical factors. Creating generational value for locals, visitors, and the wider community, this is a new model for public and private partnerships.
The diverse island site, located just two kilometres from the Melbourne CBD, will house four distinct precincts.
The development opportunity comprises mixed-use precincts B and C in accordance with the proposed development plan, including a mix of medium and high-density housing, flexible retail tenancies and open spaces, as well as the potential for a boutique hotel.
Precinct A will host affordable housing and is being delivered by Development Victoria.
The Fitzroy Gasworks site also includes a new senior campus for Collingwood College and Fitzroy High, delivered by the Victorian School Building Authority, that opened to students for the start of the 2022 school year.
Construction will begin this year on a new multi-purpose indoor sports centre adjacent to the new school campus. This is a key element of the Victorian Government’s vision for the precinct and is being delivered by Development Victoria.
The proposed master plan for the site was developed in close consultation with the local community and has achieved a 6 Star Green Star Communities rating, incorporating waste, energy and resource reduction initiatives. The site has also been subject to significant government investment, including substantial remediation.
Development Victoria has appointed Cushman & Wakefield’s Lukas Byrns and Marcus Neill to exclusively manage the registrations of interest process, opening 15 March 2022.
Cushman & Wakefield Head of Metropolitan Markets, Lukas Byrns, said: “The opening of the Fitzroy Gasworks site to offers of interest has been one of the most highly anticipated moments in the Melbourne development market.”
“The four-hectare site so close to the CBD is truly unmatched in scale and location. Interest has been building strongly over the past three years, with some of Australia’s leading residential and build-to-rent developers already vying for the opportunity to partner with Development Victoria on the project.”
Cushman & Wakefield Director, Metropolitan Markets, Marcus Neill, said: “The site provides a generational opportunity to partner with the Victorian Government to transform an iconic industrial site into an urban village. It will feature diverse housing over 11 residential towers, 4,500 sqm of retail and leading sports and education facilities.”
