East Village is a key urban renewal project as nominated in Plan Melbourne, with a vision to deliver a sustainable, mixed-use precinct with a strong focus on innovative employment and education opportunities alongside a diverse range of high-quality housing and retail spaces.
Described as a once in a generation super site, East Village, located on the corner of East Boundary Road and North Road in Bentleigh East was previously zoned for industrial and commercial uses. In line with growing demand for housing and community facilities to service this rapidly expanding region. East Village sits amongst medical and sporting amenity, along with education facilities including the new McKinnon Secondary School that accommodates 1,100 students. The plan is to transition the East Village site into a bustling hub of innovative jobs, open space and diverse housing while maintaining some existing businesses on the site.
SEMZ was engaged by VIMG to provide strategic Development Management and Property Advisory services during an exclusive due diligence period for the acquisition of the 14ha mixed use development site – one of the largest land sales in Melbourne’s suburbs over recent years.
Specific due diligence tasks carried out by SEMZ included investigation of obligations around infrastructure provision, affordable housing requirements, development contributions along with additional investigation of site contamination risks and liability.
SEMZ’s extensive industry networks built over decades of experience in a vast range of sectors and organisations provides the SEMZ Advisory team the ability to source and co-ordinate project specific multi-disciplinary teams of consultants to inform our clients with thoroughly investigated and supported advice.
In sourcing and coordinating a team of Environmental consultants, Cost consultant, Infrastructure consultant, Town Planner and Architect, SEMZ developed a delivery program for the development of the site along with a financial feasibility covering several scenarios.
SEMZ also supported VIMG in negotiations for the final acquisition of the site.
SEMZ Senior Development Manager Richard Coffey spoke of the significant impact of property advisory services in the due diligence process. ‘Working with Property Advisors with direct industry Development Management Expertise can increase project outcomes significantly. We move quickly and eliminate guess work and provide thoroughly researched and evidence-based insight and advice, in this case delivering our client significantly optimised insights to inform negotiations and terms of sale.’
It’s a privilege to play a part in building infrastructure, housing and amenities for current and future communities.