Melbourne, 09 March 2015 – A Brunswick infill development site has been listed for sale for the first time in 45 years, unlocking an opportunity to undertake a landmark residential project in one of Melbourne’s most sought after areas.
The property at 31-37 Stewart St and 12-24 Hardy St spans across approximately 8,760sqm of land over five titles with multiple street frontages.
CBRE’s Scott Orchard, who is marketing the site with colleagues David Minty and Julian White, said the property’s General Residential zoning was likely to encourage interest from residential developers looking to convert the existing warehouse improvements.
The property is multi-tenanted on short term leases, generating a current passing income over $500,000 p.a. + GST.
Mr Orchard indicated that it was an opportune time for the sale, due to strong appetite from developers for quality opportunities.
“The Melbourne inner north growth story only seems to be picking up pace following strong site sales, record prices and continued developer confidence in the pre-sale market for high and medium density residential accommodation,” Mr Orchard said.
Mr Orchard went on to say the popular central Brunswick market was benefiting greatly from a distinct uplift in property values, stemming from insatiable demand and price growth in neighboring Collingwood, Fitzroy and Northcote areas.
Mr Minty commented: “In recent years, Brunswick has supported dozens of significant and successfully completed, or under construction medium and high density residential projects, underpinned by the close Melbourne CBD proximity, established public transport links, vast amenity and lifestyle attractions on Lygon St & Sydney Rd retail strips.”
At the end of Stewart St directly to the east is Hellenic Republic, a restaurant run by chef and restaurateur George Calombaris, an example of the many bohemian and popular eateries in the precinct.
Brunswick also has an RMIT Tertiary Education campus, and is close to Melbourne University and hospital precinct - a major Melbourne employment hub.
The property is being offered for sale by International Expressions of Interest closing 24th March 24 at 5.00pm.
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About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2014 revenue). The Company has more than 52,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 370 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.
