Moonee Ponds is set for a major retail and residential development after its Hall Street site was bought for $23 million by Leighton Properties.
The site is bounded by Hall, Aspen and Margaret Streets and is 1.339 hectares, encompassing six street frontages.
It is expected Leighton Properties will attempt to fulfill the site’s vast potential, planning residential and retail development 10 to 16 levels high.
The site used to be the old Moonee Ponds market, and is now a carpark. It was identified in the Moonee Ponds Activity Centre Structure Plan as a preferred and suitable site for high density, high rise development.
The site is close to the CBD, this would have been a significant selling factor, Leighton would have been attracted to the site by its central location on the outskirts of Melbourne’s CBD and its close proximity to public transport links.