Port Phillip Council has acquired a commercial site in Fishermans Bend for $38.8 million, currently occupied by Australia Post. The 509 Williamstown Road site is adjacent to popular North Port Oval and is currently occupied by Australia Post. 

The 15,000-square-metre site will be developed for public space and a much needed sport oval and recreation facilities.

According to Port Phillip Council, Fishermans Bend is Australia’s largest urban renewal area with 10,000 housing unit developments delivered or in the pipeline and projected to be home to 80,000 residents by 2050.

“This future-proofing investment will allow the Fishermans Bend community to enjoy sport, walk their dogs or simply relax under a tree,” Mayor Heather Cunsolo said in a Press Release. “We want to create a special space that helps Australia’s largest urban renewal project live up to its amazing potential.”

Source of Image: Australian Property Journal https://www.australianpropertyjournal.com.au/2023/12/18/council-reels-in-auspost-fishermans-bend-site/

Port Phillip has committed to seeking feedback from residents and stakeholders including local sporting groups prior to development of the site. 

The CoPP are considering expanding the existing North Port Oval to include the Australia Post site and, eventually, incorporate, the adjoining Bunnings and DHL sites. 

The CoPP purchase of the site aligns with the Victorian Government’s Fishermans Bend Urban Renewal Area Development Contributions Plan | Engage Victoria and will assist to achieve much needed open space to meet the needs of 80,000 new residents in Fishermans Bend. Port Phillip Council endorsed a preliminary submission late last year.

Council undertook an independent valuation as part of the due diligence before the purchase and reported that the purchase price of $38.8 million (excluding GST) represents market prices and is fair value for residents.

Attribution: Port Phillip Council Press Release