Melbourne suburb’s transformation continues

Footscray development pipeline

A developer has secured a foothold in one of the city’s most popular apartment markets, signalling the suburb’s continued evolution from industrial hub to “residential powerhouse”.

Buckley’s Corner in Footscray, a prominent 1,890-square-metre corner site with permit approval for high-density development comprising 139 apartments and five townhouses, was sold for $5.5 million — marking a new land rate record of approximately $3,000 per square metre.

CBRE’s David Minty, who along with Julian White and Scott Orchard negotiated the sale, said the property attracted strong interest from developers looking to secure a presence in Melbourne’s city fringe and represented a significant moment in the suburb’s transformation.

“This is a significant sale for Footscray and the broader inner-western region of Melbourne that reinforces the continuing demand for large residential apartment development sites in proven locations,” he said.

“With new major projects being successfully sold and under construction — or nearing construction — including AZX Group’s ‘Riverina’ project, Delta Property Group’s ‘Riverside’ development and Growland’s ‘Joseph Place’, Footscray is undergoing a transformation into a thriving metropolis, which is further providing confidence to the residential market.

“Originally an industrial precinct, Footscray has matured into one of Melbourne’s most popular CBD-fringe suburbs offering a living, educational and working environment that is becoming the envy of many.”  

Melbourne suburb’s transformation continues
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