Colliers International to sell neighbouring freeholds at the top of Little Collins St in Melbourne’s ‘Paris End’
Colliers International’s Oliver Hay, Daniel Wolman, David Sia and Chris Ling have been appointed to sell 37 & 39-41 Little Collins Street by way of Expressions of Interest closing Friday June 7 at 12pm.
Spanning three levels and with triple street frontage neighbouring the Sheraton Hotel and The Melbourne Club is 39-41 Little Collins Street. Adjoining this is 37 Little Collins Street, a two-level New York-style freehold.
39-41 Little Collins Street, which has views overlooking the exclusive Melbourne Club, is currently occupied by Lupino, a Melbourne institution run by experienced and highly awarded restauranteur Richard Lodge.
Next door is 37 Little Collins Street, a classically designed, two storey brick building with stunning arched windows that highlight the striking architecture of the 1910s era. Refurbished and converted to a restaurant in 1995, it is now home to Bar Lourinha, an esteemed tapas and fine wine bar that was recently crowned a 2019 Good Food Guide winner.
Both of these well established venues are located in the east end of Melbourne’s CBD, an area now buzzing with everyone from workers to residents to visitors.
“The ‘Paris End’ of Melbourne’s CBD has long been Melbourne’s most esteemed location as it houses a combination of luxury retail, premium accommodation, world-class dining, top entertainment and major business hubs,” Mr Hay said.
“This places these properties within one of Australia’s most tightly held locations, where vacancy rates are virtually zero, ensuring high rents are demanded year after year. Its premium location continues to attract high quality tenants.”
The properties are expected to attract wide-ranging interest from a diverse group of local and offshore buyers looking to invest, owner-occupy or add-value.
“Buildings with such rich history and character are nearly impossible to come by,” Mr Hay said.
“Having been in the same hands for 45 years and 48 years respectively, these assets present a once-in-a-lifetime investment opportunity to secure some of Melbourne’s most premium real estate, in the city’s most exclusive location. We are expecting offers in excess of $6.5 million and $3.25 respectively.
“These buildings provide a fantastic investment opportunity due to the substantial holding income, and there is also an opportunity to explore a mix of add-value options including rooftop activation and the development of additional levels (STPA).
Opportunities of this kind in the heart of the Melbourne CBD are rare and we are anticipating a hot contest.”
The nearby Parliament Station exposes the properties to elevated pedestrian traffic with thousands of people using Little Collins Street to make their way to and from the surrounding office buildings. Workers, students, tourists and residents frequent Little Collins Street daily.
Melbourne’s most notable buildings including 101 Collins Street, Collins Place and the $1.4 billion 80 Collins Street are all within a 200m* radius.