Colliers International expect strong contest for prime location, sought after permit
A boutique, permitted residential development site is set to hit the market in the coveted city fringe suburb of South Melbourne.
Colliers International’s Hamish Burgess, Trent Hobart and Andrew Ryan have been appointed to sell a 1,194sqm site at 15-35 Thistlethwaite Street in South Melbourne on behalf of Circa Property Group. The agents expect to see interest around $8million.
“The site has three street frontages, totalling 104m, which has paved the way for a sensational mixed use permit with a net saleable area of around 5,060sqm over eight levels,” Mr Burgess said. “The well-designed plans have captured the site’s potential, whilst truly delivering on end buyer demands.
“It is a premium development opportunity with a cutting edge design by highly acclaimed architects RotheLowman, which incorporates stunning city and bay views."
Mr Hobart said the site was in an “unbeatable and eclectic” location moments from the South Melbourne Market, Crown Entertainment precinct, two light rail lines and the Melbourne CBD.
“South Melbourne has long been a coveted suburb, characterised by convenience and comfort and a colourful mix of sea-side lifestyle and city charm, suitable to every profile of resident from young professionals to empty nesters,” he said. “ The site benefits from city fringe amenity, while maintaining a bayside lifestyle.
“South Melbourne is surrounded by some of Melbourne’s most expensive suburbs, such as Albert Park which has a median house price of around $1.7million.
“Given the buoyant market environment for the end product, planning certainty and speed to market are critical issues for developers at present. 15-35 Thistlethwaite Street provides developers with an opportunity to acquire a project that is ‘ready to go’, so they can capitalise on these conditions."
Existing improvements on the site consist of an older style single storey warehouse, with immediate access to the two lightrail services connected the site to the city, cafes, restaurants, retail shops, schools, higher education, parklands and major arterials. Leased on a monthly tenancy the the property has an annual income of around $70,000.
The property is for sale by Expressions of Interest closing 27 April 2016.