A strategic parcel at the core of one of Australia's largest urban renewal projects has transacted in a significant off-market play to BRC Developments.

Colliers' agents Trent Hobart and Robert Papaleo brokered the 'Arden Central' deal for an undisclosed amount.

Melbourne-based BRC Developments, known for its focus on sustainability, technology and infrastructure, strategically acquired the 5,463sqm site at 189-203 Arden Street.

BRC Chairman Paul Docherty said, "We're extremely excited to be a part of this once-in-a-generation opportunity on the doorstep of the new Arden rail station, which will be one of only five new stations delivered in 2025 by the $11 billion Metro Tunnel Project and next door to the recently announced $5 billion Hospital Campus."

The deal marks BRC Developments' entry into the real estate market and comes as parent entity BRC Capital has recently increased investment in the MedTech sector through personalised medical device company 3DMEDiTech, partnering with the Victorian Government to expand advanced manufacturing capability.

"We are trying to take more control of our destiny in regards to the facilities that we build, which are, by definition, reasonably expensive. We've got to be somewhere where, from a health perspective, we're close to where health workers are going to be, and that is clearly in and around that area," Mr Docherty added.

The groundbreaking company has successfully collaborated with the University of Melbourne to establish Australia's pre-eminent MedTech Innovation facility, officially launched as the Joint Research and Training Centre. The JRTC partnership with UoM, currently housed between 3DMediTech's site at Port Melbourne and the University's Parkville Campus, will likely move into the Arden Innovation Precinct as part of BRC's ongoing expansion of their MedTech capability.

The Victorian government anticipates the Arden Central precinct will accommodate 15,000 residents, with 34,000 people working in the area by 2050. Arden Station will be a two-minute train journey to the Parkville university medical and research precinct, and from 2029, the Melbourne Airport Rail will stop at Arden.

ASX-listed Charter Hall had previously been in due diligence on the site.

"The Arden Central precinct will become a key destination for Victoria and an integral employment, education, medical and innovation precinct," Mr Hobart, National Director at Colliers Residential, said.

"'Arden Central' is the strategic gateway site in the newly approved 45-hectare Arden Structure Plan. It will accommodate a mixed-use development project in excess of $600+ million, with construction anticipated to commence in late 2024," he added. "The sale marks a significant transaction in Melbourne's prime city fringe and reflects confidence in Colliers' and BRC's vision for the Arden precinct."

The vendor of this land is Nick Theodossi, who said, "we have been in business in this precinct for 52 years and have every intention of staying in the precinct in our current Nick Theodossi Prestige Cars showroom for the long term" with the showroom located on the opposite side of Laurens Street at 185 Arden Street, North Melbourne.

For more information contact the agents via the contact form below.