The 863sqm land holding at 47 City Road is ideally positioned at the centre of one of the city’s most successful apartment localities, bordered by the high traffic thoroughfares of St Kilda Road and Southbank Boulevard.
The highly accessible site, which currently accommodates a 1,200 square metre single level office building and 12 onsite car spaces, features two major street frontages onto Fawkner Street and City Road. The property also benefits from a strong revenue stream, which developers are understood to view as valuable short-term income whilst plans and permit are achieved for the site.
CBRE’s Josh Rutman, Mark Wizel and Ed Wright are marketing the property via an International Public Expressions of Interest campaign.
Mr Rutman said the property’s high profile location and proximity to Melbourne's Crown Casino Complex would be key selling factors for both local and off shore developers.
“This site’s close proximity to some of Melbourne’s most famous lifestyle attractions – including Southbank Theatre, the art’s precinct and Yarra River – are likely to be key draw-cards attracting buyers,” Mr Rutman said.
"Developers, especially those from Asia, are recognising Southbank is serviced by world class infrastructure and amenity, and is viewed by overseas apartment buyers as being a terrific alternative to buying an apartment in the Melbourne CBD.”
The offering of 47 City Road follows several recent high profile development site sales in Southbank including Singapore's Aspial Corporation acquisition of the 'Australia 108' land on the corner of Southbank Boulevard and City Road for $42.3 million.
In excess of $180 million has been splurged in less than six months on sites in Southbank, with the majority selling to parties related with off shore capital.
"From the parties that we are working with, offshore developers seem to be concerned with two things," Mr Wright said, elaborating: "The first, how many apartments they can deliver on a site, and the second, what they can get for the apartments.”
"Both questions have distinctly positive answers when it comes to Southbank, high density is achievable on many sites and often the value paid by end buyers for apartments in Southbank are at as good or better rates than in the Melbourne CBD,” Mr Wright added.
“With the recent explosion of Asian investment into Melbourne’s property market, we expect this property will be of particular interest to offshore investors looking to undertake a landmark residential development in Australia’s most liveable city.”
Expressions of Interest close June 12 at 2.00pm.
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