Real estate investment organization Forza Capital has sold a park in Abbotsford, Melbourne, for $14. 6 million.
The 3,880-square-meter at 35 Flockhart Street is located along the Yarra-Birrarung River and near the Victoria Garden shopping center in Richmond, which is lately going through a redevelopment project.
Overlooking Victoria Street, it is close to tram line 109.
It is currently zoned Industrial 1, allowing for a variety of advertising programs in the four-story parking lot with 470 spaces.
Jones Real Estate leader Paul Jones, who secured the off-market sale of the site for Forza Capital, said personal investors remain interested in the Melbourne market.
“There’s a lot of personal capital to deploy in Victoria’s real estate advertising market,” Jones said.
However, the Victorian capital’s job market remained quiet and investors focused on high-quality buildings.
In addition, the City of Melbourne is encouraging retrofitting existing buildings or adaptive reuse of facilities rather than building from scratch as a component of its net-zero carbon policies.
Investa recently won out the City of Melbourne for its task of demolishing a car park at 522-552 Flinders Lane and building a 28-storey office tower.
The plan was supported because the existing ramps and roof heights allowed for the site to be pleasantly modernized or renovated for residential or work use without violating codes and regulations related to access to sunlight and roof heights.
Victoria’s Department of Transport and Planning will make the final decision on Investa’s application.