Significant Port Melbourne site listed for sale

A 19,383 sqm Port Melbourne industrial site with a price expectation of circa $50 million has been listed for sale.

Located at 61 Bertie Street, the site comprises 11,590sqm of existing improvements, including corporate offices and showrooms, warehouse facilities and car parking. 

CBRE’s Trent Hobart, Matthew Romanin, Harry Kalaitzis, Andrew Bell and Tom Ryan are managing the sale via an International Expressions of Interest campaign closing July 17th 2024.

“The future of the site is very flexible and is envisaged for a range of building heights and uses including retail, office and a range of living sector options. Importantly, the premises can generate income while any potential planning for major redevelopment is being undertaken, aligned with the vision for the high-growth Fishermans bend precinct,” Mr Hobart said.

Mr Romanin added, “The existing improvements offer an attractive repositioning opportunity at a scale that is rarely available in the City Fringe. These adaptable buildings have been well maintained and still have considerable economic life, which provides significant inherent value and cost savings.”

The site includes three street frontages within Port Melbourne. It is in the Fishermans Bend Sandridge Precinct, which aims to reposition Port Melbourne and surrounding suburbs into a mixed-use residential and commercial hub to complement the Melbourne CBD.

The city of Port Phillip recently invested in the precinct acquiring a 15,000sqm site at 509 Williamstown Road for $38 million, representing over $2,500 per sqm.