The future-proofed mini-suburb of 2500 new dwellings is set to rise from the former Alphington paper mill site, one of the biggest urban renewal developments in the City of Yarra.
The project highlights the gentrification of the area with another industrial pocket converted into medium-density housing.
YarraBend has proved to be well received; achieving a $63 million near-sell out of its first two stages of townhouses in just three hours on Saturday.
Alpha Partners and Glenvill paid $120 million to Amcor in 2013 for development rights of the 16.5-hectare Yarra riverside property, which fronts the Chandler Highway and Heidelberg Road.
The majority of buyers were Melburnians, of mainly young couples and young families who paid $2000 for an expressions of interest and the right to ink a contract on the day.
Despite the new wave of development, Yarra City Council mayor Amanda Stone said it was “incremental change”.
“There’s still those beautiful, old heritage-listed houses in large garden settings … and a lot of the streetscapes are fairly intact with that character,” she said.
“But there are pockets such as parts of the river and along Heidelberg Road where medium-density housing is starting to take off.”