“Given tightening planning controls in the Melbourne CBD over the past four years, coupled with the growing scarcity of available sites, permit approved and ready to go opportunities like this simply do not come up like they used to,” Mr Wizel said.
“This is the only Melbourne CBD, permit approved site presently on the market and we expect the property to attract domestic and international suitors.”
Mr Tong said the permit for a tower with a gross floor area of 11,685 square metres provided an attractive building envelope for residential, hotel or student accommodation use and presented purchasers with a ready-to-go development opportunity offering multiple selling features.
“The Melbourne property market currently has a number of highly favourable traits that are very relevant to this property,” Mr Tong said.
“Both the University of Melbourne and RMIT have a large and growing proportion of international students (36% and 38% respectively) that need to be accommodated close by. Meanwhile, office vacancy rates are at an historic low and the residential market is starting to show some green shoots of improvement, which are expected to lead to heightened levels of development in the future.”
The La Trobe Street property will be sold by International Expressions of Interest closing December 5, 2019.
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