One of only a few remaining permit approved Melbourne CBD sites is set to hit the market in November.
Located at 58 La Trobe Street, in the northern end of the Melbourne CBD, the site encompasses a land area of 644sqm and is currently utilised as a Wilson operated car park.
The site is located within the booming north eastern precinct of the Melbourne CBD with proximity to RMIT University, Melbourne Central, Carlton Gardens and the State Library of Victoria.
According to exclusive marketing agents, CBRE’s Mark Wizel, Lewis Tong, Julian White and Nathan Mufale, the property will be offered to the market with a rare permit for a Hayball designed, 33 level mixed use development.
“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.
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.
