Melbourne

Golden Age Group to sell Victoria One’s sought after retail space

The retail space at the base of the Melbourne CBD’s tallest residential tower Victoria One will be brought to market this week in what will be one of the city’s largest retail offering of 2018.

20 Aug 2018

The retail space at the base of the Melbourne CBD’s tallest residential tower Victoria One will be brought to market this week in what will be one of the city’s largest retail offering of 2018.

Located at 452 Elizabeth Street, the five, fully-leased retail properties are being offered for sale individually or in one line by Victoria One developer the Golden Age Group.

CBRE’s Mark Wizel, Nathan Mufale, Leon Ma and Ben McMahon will steer the campaign for the properties, which comprise the ground, mezzanine and first floor of the 76-level tower.

Golden Age Group founder and Managing Director Jeff Xu said; “We set out to create the best retail spaces in the area by hand-selecting the most suitable tenants and providing over 50 metres of direct frontage to Elizabeth and Franklin Streets.”

The shops range in size from 20sqm to 169sqm and are leased to tenants such as David’s Hotpot and Happy Lemon.

CBRE National Director Mark Wizel said the sale campaign provided an opportunity to secure sought after retail space in the CBD’s northern pocket, which had evolved to become the city’s leading 24/7 precinct underpinned by the booming residential population living in the surrounding high-rise residential towers. 

Mr Wizel said many of these residents were Asian international students who attended The University of Melbourne, RMIT University and Melbourne Institute of Technology, underpinning demand for retail offerings which are attractive to this demographic. 

“Within the next few years there will be over 14,000 apartments within five minutes’ walk of the Victoria One Tower. This is underpinning unprecedented population growth and record low retail vacancy rates in the precinct - to the point that a lack of supply is forcing retailers to expand to upper floors, making level on retail space an secure and highly sought after investment option,” Mr Wizel said.

The campaign follows a series of recent nearby CBRE transactions, including the purchase by a local investor of 678 Elizabeth Street for $6,500,000 and the sale of 23-25 Elizabeth Street for $9,620,000 to an offshore Chinese investor. CBRE is also currently offering a two-storey, tenanted building at 349 Elizabeth Street, opposite Melbourne Central, for sale via public on-site auction on 16th August at 12.30pm.

The Victoria One retail portfolio will be offered for sale via an International Expressions of Interest closing Friday 6th September at 5.00pm.For Australian/international news or global stories, follow us on Twitter: @cbreaustralia

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 2017 revenue). The company has more than 80,000 employees (excluding affiliates), and serves real estate investors and occupiers through more than 450 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.

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About CBRE Group, Inc.
CBRE Group, Inc. (NYSE: CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2021 revenue). The company has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of 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 https://www.cbre.com.