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The Victorian Government's property developer, Development Victoria, has revealed detailed plans to redevelop the Ivanhoe water tank site, and its looking for a development partner.
The 6,220 sqm site at 421 Upper Heidelberg Road, which includes a decommissioned Yarra Valley Water tank that has been inactive since 2004, sits near the Austin Hospital on the corner of Bell Street and Upper Heidelberg Road.
Around 275 apartments designed by Architectus are envisioned for the site, with a minimum of 10 per cent for affordable housing.
Development Victoria is working with Banyule City Council, the Ivanhoe community and other stakeholders on a Development Plan for the decommissioned Yarra Valley Water tank site. The Development Plan includes provision for up to 12 levels of housing that would suit several development outcomes, including build-to-sell, build-to-rent, retirement and aged care.
Development Victoria's plan includes a new council par. kIn addition to housing, the plan emphasises the creation of flexible ground-level spaces capable of accommodating commercial uses and high-amenity communal areas, which will offer park vistas, integrated seating, shelters, barbecues, and gardens landscaped by Tract.
Underground basement car parking will be provided for residents, alongside sustainable transport initiatives such as cycling facilities, car-share programs, and a suite of sustainable development features.
An Environmentally Sustainable Development (ESD) Report prepared by Hip V. Hype outlines key targets, including Green Star Buildings 5-star certification, 7.5-star average NatHERs rating, and 6.5-star minimum NatHERs rating for each apartment.
Over the coming months, the project will advance to the next phase which involves mitigating risks through demolition and site remediation.
Colliers’ Residential National Director, Jozef Dickinson, said partnership opportunities with esteemed sponsors like Development Victoria are exceedingly rare and we anticipate robust interest from capable developers to form part of this process.
"In an environment where discussion around housing supply has never been more prominent, it a great to see Development Victoria keen to get on with delivering a great vision for the site in an ideal location for housing, close to public transport, the Austin Hospital, quality schools and a thriving retail community,” Dickinson said.
Colliers’ Development Sites Executive, Philip Heberling, said that the asset is a key opportunity to implement a holistic response to sustainable development.
“The Development Plan aims to effectively integrate occupant-focused spaces, reductions in life-cycle carbon emissions, improved resource efficiency, and enhanced natural systems consistent with climate resilient principles," Heberling said.
“The project prioritises sustainable outcomes to realise a high-performing project that benefits people, place and planet."
Joel Robinson
Joel Robinson is the Editor in Chief at Apartments.com.au, where he leads the editorial team and oversees the country’s most comprehensive news coverage dedicated to the off the plan property market. With more than a decade of experience in residential real estate journalism, Joel brings deep insight into Australia’s evolving development landscape.
He holds a degree in Business Management with a major in Journalism from Leeds Beckett University in the UK, and has developed a particular expertise in off the plan apartment space. Joel’s editorial lens spans the full lifecycle of a project—from site acquisition and planning approvals through to new launches, construction completions, and final sell-out—delivering trusted, buyer-focused content that supports informed decision-making across the property journey