Main North Road Strategic Land Purchase - now Leased
The Prospect Oval Precinct is a once in a generation opportunity that allows us to create a vibrant, connected, multi-use sporting, recreation and open-space precinct.
However, it’s more than sport! We envision expanding and enhancing the quality of our city’s public spaces and facilities to provide an accessible, unique and enjoyable precinct for all.
Having identified the potential of this valuable site, City of Prospect settled the purchase of 142-148 Main North Road on 8 November 2023 and wasted no time in securing a tenant for the property on a short to medium-term lease (3+2 years). This was conducted by an open expression of interest leasing campaign conducted by commercial property agents JLL. The new tenant is Maverick Campers & Caravans, who plan to open their new premises on December 4.
Importantly, having this new tenant gives Council the necessary time to adequately craft a development approach and articulate the best masterplan vision. Our strategic position in partnering with a commercial tenant is to mitigate the funding costs (interest payments on the acquisition loan) during this planning phase.
Our next milestone will be to map out a pathway and commence the development masterplan process. Our major focus will be to get feedback from all aspects of the community and we look forward to gathering your ideas soon.
Be sure to stay tuned on how you can be involved in the future development of this exciting masterplanned development – the Prospect Oval Precinct.