A boutique basement space on Melbourne’s iconic Flinders Lane has hit the market, with buyer interest expected to come from both investors and occupiers.
CBRE’s Melbourne City Sales team of Alex Brierley, Julian White, Nathan Mufale & Chao Zhang has been appointed to manage the sale on behalf of the former owner-occupier, education group iAscend.
The basement of 333 Flinders Lane is being offered for sale with vacant possession and marketed for a range of retail/office and residential uses.
The 120sqm property, equipped with full kitchen and bathroom facilities, offers a flexible open space suitable for refurbishment with initial interest from fitness studios, whisky bars and bespoke retail tenants.
Once associated with the rag trade, the five-level Edwardian style building constructed in 1912 - formerly known as Boydex House - is now home to boutique office tenants including global design studios.
Mr Brierley noted the property presents the rare opportunity to buy into Flinders Lane at an entry-level price point.
“This property offers buyers the flexibility to either create a space to occupy or purchase an investment that will capitalise on high demand from tenants for a Flinders Lane address,” Mr Brierley said.
“Flinders Lane continues to perform well as surging ground floor retail rents have driven tenants to basement and upper level spaces”.
According to CBRE’s latest Retail Marketview Report, the Flinders Lane retail vacancy rate has fallen to 2.8% (July 2019).
Mr White added, “Melbourne CBD’s population currently sits at 52,366 and is set to grow to 109,767 by 2041, fueling further demand for retail and office property in central locations such as Flinders Lane.”
Recent transactions on Flinders Lane include the sale of the basement of 313 Flinders Lane, home to Randy Dragon bar, for $1,800,000 in October 2018 and a New York style loft at level 5 of the same building sold for $2,501,000 in June 2018.
Meanwhile, CBRE managed the sale of a similar vacant retail space at 24-38 Little Bourke Street, situated within the Quest Gordon Place serviced apartment complex, to an international Chinese investor for $1,710,000 in July 2019.
The lower ground floor of 333 Flinders Lane will be offered for sale by public on-site auction on Wednesday 11th September at 12:30pm.
CBRE’s Melbourne City Sales team of Alex Brierley, Julian White, Nathan Mufale & Chao Zhang has been appointed to manage the sale on behalf of the former owner-occupier, education group iAscend.
The basement of 333 Flinders Lane is being offered for sale with vacant possession and marketed for a range of retail/office and residential uses.
The 120sqm property, equipped with full kitchen and bathroom facilities, offers a flexible open space suitable for refurbishment with initial interest from fitness studios, whisky bars and bespoke retail tenants.
Once associated with the rag trade, the five-level Edwardian style building constructed in 1912 - formerly known as Boydex House - is now home to boutique office tenants including global design studios.
Mr Brierley noted the property presents the rare opportunity to buy into Flinders Lane at an entry-level price point.
“This property offers buyers the flexibility to either create a space to occupy or purchase an investment that will capitalise on high demand from tenants for a Flinders Lane address,” Mr Brierley said.
“Flinders Lane continues to perform well as surging ground floor retail rents have driven tenants to basement and upper level spaces”.
According to CBRE’s latest Retail Marketview Report, the Flinders Lane retail vacancy rate has fallen to 2.8% (July 2019).
Mr White added, “Melbourne CBD’s population currently sits at 52,366 and is set to grow to 109,767 by 2041, fueling further demand for retail and office property in central locations such as Flinders Lane.”
Recent transactions on Flinders Lane include the sale of the basement of 313 Flinders Lane, home to Randy Dragon bar, for $1,800,000 in October 2018 and a New York style loft at level 5 of the same building sold for $2,501,000 in June 2018.
Meanwhile, CBRE managed the sale of a similar vacant retail space at 24-38 Little Bourke Street, situated within the Quest Gordon Place serviced apartment complex, to an international Chinese investor for $1,710,000 in July 2019.
The lower ground floor of 333 Flinders Lane will be offered for sale by public on-site auction on Wednesday 11th September at 12:30pm.
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About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2018 revenue). The company has more than 90,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 480 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2018 revenue). The company has more than 90,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 480 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
