Major Development Approval Granted for Bergamont Avenue, Steps from Templestowe CBD

A landmark development near Templestowe’s commercial heart is officially moving ahead after council this week approved Riverside Partners’ application to redevelop a 3.4-hectare site on Bergamont Avenue. The decision, handed down on Wednesday night, clears the path for one of the inner city’s largest mixed-use projects in a decade.

The approval comes at a pivotal time for Templestowe, with the city’s rental vacancy rate hovering at less than 1.8% according to data from the local registry, and the average unit price in the CBD fringe exceeding $845,000 this quarter. Persistent demand and a constrained pipeline have kept housing affordability firmly in the spotlight, especially as infrastructure upgrades continue along Goldcrest Road and commuter routes.

New Life for a Forgotten Site

The cleared site, previously occupied by the former Seven Sisters Textiles complex at 18-34 Bergamont Avenue, had sat idle since late 2022. Development plans lodged by Riverside Partners feature 320 residential dwellings, ground-floor retail, and a new public plaza linking the precinct with the Yarra Esplanade greenway. Traffic modelling commissioned for the project forecasts a net reduction in peak congestion on Bergamont Avenue due to the addition of a pedestrian bridge over Yarra Creek, connecting to the cityside bike path network.

Neighbouring venues include Templestowe Market Hall and the community-run Lumley Arts Centre, which have both advocated for increased amenity along this corridor. Council’s planning portfolio cited strong uptake at the recently completed Red Adler Residences, two blocks north, as proof of demand. Red Adler’s sales records show 95% of apartments sold off-plan last year, with the median price for a two-bedroom unit recorded at $799,500 in Q2 2025.

Demand by the Numbers

Figures from the Templestowe Urban Growth Monitor show CBD-adjacent suburbs accounted for 28% of all housing approvals in the past financial year, but actual completions lagged well behind target. City records confirm only 212 new dwellings were finished within two kilometres of Market Square in 2025, far short of the 400-dwelling annual benchmark set in council’s Forward Homes 2030 strategy.

Riverside’s project will roll out in three stages, with first residents expected by late 2028. Pre-construction works, including demolition and environmental remediation, are scheduled to begin this September, with Mayor Trudy Yang stating in the meeting agenda that the council will monitor works to ensure compliance with local planning controls. Local businesses-including Victor’s Grocer and the Yarra Lane Pharmacy-will remain operational during construction, as all major disruptions will be confined within the site’s boundaries.

Prospective homebuyers and investors can register early interest with Riverside Partners. Council planning staff have advised residents to attend upcoming information sessions at Templestowe Library on 15 July and at the Lumley Arts Centre on 20 July, where detailed project timelines and impact reports will be presented. For now, relief for Templestowe’s tight housing market is on the horizon, as the city edges closer to its long-term growth targets.

This article is general information only and is not personal financial or investment advice. Consider your own circumstances and seek licensed professional advice before making financial decisions.