The former farmland at 620 Bridge Inn Rd, Mernda, is for sale.
A Mernda super site with the potential for a future 150-townhouse development is for sale at circa-$15m.
Constructing that many townhouses on the 4.4ha landholding would deliver a project with an estimated end value of roughly $93.75m.
Cushman & Wakefield’s Cameron Zamora said it was important to note the plans for 620 Bridge Inn Rd were purely conceptual at this stage, and would be subject to planning approval if the eventual buyer wanted to go forward.
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Mr Zamora said the property was being sold by a local family, the Siriannis, who had stopped farming the land about 10 years ago following decades of ownership.
As part of the marketing campaign, the agency commissioned planning and design consultancy Tract, along with professional services firm Stantec, to design a potential development suited to the “super site” including engineering and infrastructure.
Whoever purchases the mega block will be welcome to take on the plans and lodge them with Whittlesea Council for approval, if so desired.
“I think the buyer will likely be an interstate or local developer,” Mr Zamora said.
Prior to the Mernda train station opening in 2018, part of the Sirianni family’s nearby land was compulsorily acquired for the station’s car park to be built upon. Picture: Sarah Matray.
Based on Tract and Stantec’s concept and calculations, once the land and homes are completed, the project would have a circa-$93.75m end value based a $625,000 average sales price per dwelling.
The Bridge Inn Rd address is opposite Mernda train station and features more than 600m of Plenty Gorge parkland frontage.
Mr Zamora said under the concept plan, some of the land would be dedicated to constructing a slip lane of approximately 80m in length for future residents to enter and exit the site onto Bridge Inn Rd, which carries a lot of traffic.
The site has about 640m of parkland on its southern and eastern borders.
Other highlights include a “green link” with a potential pedestrian connection to the Mernda Rail Trail and Linear Reserve, parks and a mix of two- to three-bedroom townhouses with garages.
The site is close to the Mernda town centre, Coles, Bunnings, Mernda Community Hospital and Ivanhoe Grammar’s Doreen campus.
Mr Zamora said he believed the family who own the land are not connected to the well-known Sirianni family who run the Melbourne-based Yale Investment Group.
The land that’s for sale is about 5km to the Mernda Junction shopping centre. Picture: Ellen Smith.
Mr Zamora has the Mernda listing, located in a Comprehensive Development Zone, along with colleagues Joe Kairouz and Hamish Burgess.
Mr Kairouz said opportunities to purchase landholdings of such a large size were becoming rarer in Melbourne.
“What makes this asset particularly compelling is the combination of scale, park frontage and development flexibility,” he added.
“It’s a genuine opportunity to deliver a large-format residential outcome within one of Melbourne’s fastest-growing and best-connected northern precincts.”
Expressions of interest close at 2pm on June 18.
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