Prized Melbourne CBD carpark with 47 level permit listed for sale
A major Melbourne commercial carpark with planning approval for a dual tower residential/mixed use development has been listed for sale.
31 Jan 2018
Dexus has appointed CBRE to market the 32 Flinders Street property, comprising an eight-level carpark with 546 bays in the CBD’s sought after east end precinct.
The property offers attractive investment fundamentals, being 100% leased to Wilson Parking and Ernst & Young.
The substantial 2,087sqm site, which offers multiple street frontages, is being offered for sale with permit approval for the development of two residential/mixed use towers – a 47-level building fronting Flinders Street and a 14-level building fronting Flinders Lane.
CBRE’s Neva Courts, Josh Rutman, Kiran Pillai and Lewis Tong have been appointed to market the property via an International Expressions of Interest campaign.
Mr Rutman said land holdings of this size in the east end were virtually non-existent and the property represented an unparalleled development opportunity in one of Melbourne’s most desirable locations.
“Dexus has obtained a significant planning outcome for a dual residential/mixed use development in this sought-after location. Given the recent planning changes in Melbourne, this permit is unrepeatable and will attract strong interest from land-bankers and active developers,” Mr Rutman said.
“With protected views across the Yarra River and proximity to a wide range of amenity, parks and sporting precincts, this site is in an enviable location unmatched in Melbourne for a residential or mixed use development.”
Ms Courts said the property boasted a unique mix of investment fundamentals.
“Being fully leased to Wilson Parking and Ernst & Young, this prized site offers a highly attractive combination of both income security and development potential – allowing the incoming purchaser to receive immediate returns while undertaking plans for a future project,” Ms Courts said.
“The lack of future carpark supply has created a strong demand for carpark investments in the Melbourne CBD evidenced by the sale in 2017 of 114 Flinders Street to HK Realway for $120 million. This prestige location also attracts robust competition for hotel and residential sites from developers and investors alike, most recently the sale of 88 Flinders Street leased to Adina and the Mercure Spring Street acquired by Cbus Property for future residential development.
The International Expressions of Interest campaign closes Thursday 15 March 2018.
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CBRE Group, Inc. (NYSE:CBG), 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 2016 revenue). The company has more than 75,000 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.