The Arden urban renewal precinct in North Melbourne. Photo: Supplied

Luxury car sites to spur Melbourne's Arden regeneration zone

Nick Lenaghan|Jun 12, 2019

One of the first privately held holdings of scale has hit the market in the Arden urban renewal precinct in Melbourne’s inner north, with potential to become home to a mixed-use development of $1 billion or more.

The offering is two adjacent land holdings that are part of the Nick Theodossi Prestige Cars dealership and combined straddle a 1.5-hectare site, dubbed Arden Central.

Expectations are the overall offering could fetch as much as $150 million, although the two sites could also be sold separately.

The property stands in the middle of the Arden precinct in North Melbourne on the fringe of the CBD and just next to a new station in the precinct that is being built as part of the $11 billion Melbourne Metro Tunnel project.

“Since the Metro Tunnel project started, I have had numerous approaches concerning my adjacent land holdings,” Mr Theodossi said.

“Depending on the outcome of the process, I can stay at the 185 Arden Street showroom, or I can relocate my business at the appropriate time.”

Colliers Interntional’s John Marasco, Rob Papaleo, Oliver Hay, Trent Hobart and Jozef Dickinson have been appointed to handle the properties.

The Arden Street properties that house the luxury car dealership comprise 15,012 square metres and are occupied by showrooms and offices.

“Arden Central is a once-in-a-generation opportunity of 1.5-hectares on the doorstep of the new North Melbourne station, which will be one of only five new stations delivered in 2025 by the $11 billion Metro Rail project,” Mr Marasco said.

The 56-hectare Arden Urban Renewal Precinct in North Melbourne is high on the list of government priorities, with the new station expected to drive development in the area.

The precinct is slated to deliver more than 1 million square metres of developed real estate to accommodate 34,000 new knowledge-intensive jobs and 15,000 new residents as it evolves into a new destination for Melbourne.

Mr Papaleo said the Arden precinct was distinguished from other city fringe regeneration zones by the high level of government-owned land and its proximity to the economic drivers of the CBD, Docklands and Parkville.

“The clear policy direction for Arden is to establish it as a new neighbourhood of Melbourne,” he said.

“Arden will have the foundations to become a new destination and a hub for new economy jobs that is directly connected to the CBD, Docklands and Parkville clusters.”