Prominent site approved for 16-level apartment project
Melbourne, 26 April 2016 – Property developer Hudson Conway has listed its Melbourne headquarters for sale after receiving approval to redevelop the site as a boutique apartment project.
Situated next to Melbourne’s Arts Centre, the permit approved development site is expected to generate strong interest from both residential and hotel developers.
Located at 250 Stuart Street, the property is being offered for sale for the first time in 20 years on behalf of Hudson Conway.
CBRE has been appointed as the exclusive selling agent for the site, which also benefits from solid passing income due to a leaseback to Hudson Conway with appropriate break clauses.
CBRE Senior Director Mark Wizel said a lack of quality inner city Melbourne development opportunities is expected to underpin interest in the property, which was recently approved for 16-level development consisting of 91 apartments. Mr Wizel is marketing the site with CBRE colleagues Lewis Tong and Bianca Butterworth.
“While CBRE has been involved in many Melbourne CBD and Southbank development site sales over the past few years, what is so special about this opportunity is the boutique nature of the offering,” Mr Wizel said.
"Usually you would see a land owner look to maximise a planning permit, which is not the case with 250 Stuart Street. This leaves potential planning upside on the table for an incoming owner, or a developer could opt to proceed with the existing planning permit.”
The approved, Eleberg Fraser designed plans, provide for a sleek façade accompanied by all the necessary car parking, which is made possible due to the site’s significant frontage to Sturt Street.
"The site will greatly appeal to traditional residential developers due to the significant demand from residential owner occupiers and investors for apartment opportunities in this location. However we’re also expecting interest from hotel developers, which could make this campaign very interesting,” Mr Wizel said.
The current improvements comprise a two-level office headquarters with several car parks, a gymnasium and a well-appointed residence on the upper floor.
Expressions of Interest close in early June.
For Australian/international news or global stories, follow us on Twitter. 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 2015 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 400 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.About CBRE Group, Inc.
