Footscray Westville Central

[montana]

Looking at buying an apartment in this two tower 86 apartment mixed use complex.

Construction to start mid year with completion late 09ish mainly one and two bedders from 230k to 405k.

Anyone with any intimate knowledge or experience with this or similar developments ?

Far from an inexperienced investor and would rarely buy this type of real estate but this seems to be the future of Footscray central.

 

[timmyboy]

Maybe try trawling the local estate agents to get some opinions on the redevelopment going on around the area?
There are a lot of new apartment builds going on in the area - a lot of student type accomodation blocks too - and The Albert is being turned into apartments as well.
Maybe Footscray is going thru a bit of a change - away from the "dingy, don't live there" type stigma it seems to have had attached to it?

Tim

 

[montana]

Thanks Tim............was not aware The Albert had approval for apartments even though it has been talked about for a few years.

You do mean the pub on the corner of Essex and Eleanor streets ?

 

[timmyboy]

That's the one.
Being redeveloped into apartments - and selling quite well I believe, if not sold out already.
There were also another couple of unit developments recently - approx 4 months - on whitehall st. which sold out in a matter of hours and essex st. which I think sold pretty quickly as well.

Tim

 

[UNIQ Property]

Footscray

Hi guys,

Footscray is going through and will continue to go through growth in the coming years. There is an underground road that has been approved to go underneath all th industrial to link Footscray to the city, the State Govt and local council are currently spending 52.1 million dollars on infrastructure, including 10 million that has already been spent on rebuilding the Footscray Station. As Footscray has been appointed as one of only 6 transit cities for the govt, alot of development and redevelopment will continue in this suburb in the coming years.

In saying that, I have just almost sold out a project in Footscray in Barkly street, Footscray that runs at approx $1,000 per sqm cheaper than what this project is selling for. My opinion is that Footscray is a great place to buy right now, especially apartments for affordiblity the Vic Uni etc etc, however, my opinion is that this project is over priced.

Hope that helped!

 

[UNIQ Property]

Where to look for info on Footscray

My again,

Best place always to see what is going on in an area with regards to infrastructure, planning, building approvals etc is to look on the council webiste. They always have heaps of information and documents to do with the future planning on the area. It will help you greatly.

Right now the govt/council are making a huge effort to turn Footscray into what is now carlton / Fitzroy!

In my opinion, a great place to invest!

 

[Giddyup]

There is an underground road that has been approved to go underneath all th industrial to link Footscray to the city

I wouldnt count on the tunnel being built just yet. It hasnt been approved yet and the Federal gov wont supply any funding for it because of the poor economic benefit. Despite the state gov saying that the tunnel is a priority, by the time anything even looks like happening, there will probably be a new state gov in place who may have completely different ideas on the building the tunnel.

http://www.theage.com.au/victoria/freeway-not-worth-cost-20100520-vovs.html

 

[abbruzzi]

I bought a property in central Footscray in May 07 at Auction and I remember during the auction a car drove thru the crowd and a guy leaned out the window and shouted "don't do it, don't buy here, watch out for the druggies!" haha

Anyways got a letter from the council in the post the other day regarding the rezoning of the Footscray CBD.

MARIBYRNONG PLANNING SCHEME
AMENDMENT C090

See below link for details, look to the bottom of the webpage for the PDFs:

exh C90 Incorp doc- FCAD Comprehensive Development Plan May 2010.pdf
exh C90 Support Doc - Footscray Strategic Framework Plan April 2010.pdf

http://www.dse.vic.gov.au/Shared/ats.nsf/WebViewUniqueID/5b0a3aee21f5f0b5ca25770b001107ef?OpenDocument&M&Maribyrnong&Macedon%20Ranges%2CManningham%2CMansfield%2CMaribyrnong%2CMaroondah%2CMelbourne%2CMelton%2CMildura%2CMitchell%2CMoira%2CMonash%2CMoonee%20Valley%2CMoorabool%2CMoreland%2CMornington%20Peninsula%2CMount%20Alexander%2CMoyne%2CMurrindindi&Click=CA256DC800080C18.476caac79d318ee2ca256dee001434f7/$Body/0.2924