A 4,630sqm South Melbourne supersite has hit the market in an International Expressions of Interest campaign being undertaken by CBRE’s Victorian Development Sites team.
With street frontages to Cecil Street, York Street, Northumberland Street and Market Street, the collection of 10 titles known as the ‘South Melbourne Portfolio’, has more than 200m of street frontage and is directly opposite famous South Melbourne Market.
CBRE’s Mark Wizel, Julian White, Lewis Tong and Bianca Butterworth will steer the campaign, which is expected to attracted strong interest from a range of local and Asian mixed use residential developers, as well as commercial and hotel developers, keen to take advantage of the favourable Commercial 1 zoning and development flexibility.
South Melbourne has been a hive for residential development activity the past decade, establishing the suburb as one of the most successful development precincts in Australia. However, much of this development has centred on the St Kilda Road precinct of South Melbourne, to the east of Kingsway and more recently attention has turned to Fishermans Bend.
“Due to a lack of scalable landholdings and appropriate zonings, quality development opportunities are rarely presented in the South Melbourne market precinct,” Mr Wizel said.
Highlighting demand in the location, the most recent apartment development to launch was 74 Eastern Road, which sold out fully on pre-release, at rates in excess of $12,000/sqm.
“The scarcity of competing projects in the precinct and the quality of the location will help underpin buyer demand for the South Melbourne Portfolio,” Mr Wizel said.
“South Melbourne is a suburb dear to many developers’ hearts, given the excellent amenity and high quality existing residential housing, which in turn drives demand for high quality apartments for owner occupation.”
Interest is expected in the mid $30 million range.
Below is a list of sales in South Melbourne highlighting the scarcity of these offerings being presented to the market.
Land Rate ($/sqm)
33 Park Street,
70 Dorcas Street,
9-17 Raglan Street,
41-49 Bank Street,
15-33 Bank Street,
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