Once home to a now-shuttered military uniform manufacturer, a prime site in Melbourne’s inner north could transform into a masterplanned community just 10km from the CBD.
The 2.56-hectare site at 14–22 Gaffney Street is being offered for sale as a development opportunity that could be home to the city’s next masterplanned community.
The land, which is being called “Coburg Lakes,” in the listing due to its proximity to Coburg Lake Reserve, offers mixed-use zoning that could pave the way for a diverse range of new housing, from apartments and build-to-rent projects to spacious townhouses or retirement living.
The site at 14-22 Gaffney Street was previously bought by Ryman Healthcare. Picture: realcommercial.com.au
Previously home to the Australian government’s Australian Defence Apparel facility, where military uniforms were made, the property was purchased in 2022 by Ryman Healthcare with plans for a $350 million retirement village.
At the time, the New Zealand-based company said the project would include a café, bar, gym, cinema, indoor pool, specialist dementia care and new commercial space.
Those plans did not proceed and the site is now back on the market via expressions of interest.
If redeveloped, the Coburg Lakes site could incorporate landscaped public areas, pedestrian-friendly streets and local services alongside a mix of housing.
A rare opportunity in the inner north
Large residential land parcels close to Melbourne’s CBD are few and far between.
Coburg Lakes sits directly opposite Batman Station, which offers train services reaching the city in under 20 minutes. Tram stops and bus routes are also nearby and cycling and walking paths link the site to local parks and shops.
Lifestyle amenities are equally accessible. Sydney Road’s eclectic mix of cafés, restaurants and boutiques is just minutes away, while Pentridge Shopping Centre provides a range of entertainment amenities, including Palace Cinemas.
The nearby amenities including Pentridge Shopping Centre and Sydney Road. Picture: realcommercial.com.au
The site is close to Coburg Lake Reserve, which features walking trails, picnic areas, playgrounds and hosts community activities. Merri Creek’s well-used cycling routes are also accessible from the surrounding streets.
Also located nearby is the earmarked Coburg Health and Community Services precinct on Bell Street, which is already underway.
This is expected to house healthcare facilities and could support over 1000 new construction and healthcare jobs, according to Merri-Bek City Council.
According to PropTrack data, Coburg North’s median house price sits at $990,000, up 1.3% over the past 12 months, while units have a median price of $690,500.
Its location near Brunswick, several major universities and Melbourne’s biomedical precinct provides commuting options for workers and students.
Walkable streets, public transport connections and nearby amenities make it practical for residents who want city access without living in the CBD.
Expressions of interest for the site close Thursday 30 October 2025.
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