Historic Carlton freeholds in high demand, as CBD office rates leap out of reach

Colliers International welcomes former Melbourne Savings Bank premises to market

Carlton has long been a suburb of choice for family offices and boutique commercial spaces but the recent surge in Melbourne CBD prices is driving more and more occupiers and investors to the fringe.

The original Melbourne Savings Bank premises at 208 Elgin Street, Carlton, has come to market at a time CBD office rates are reaching record heights, in some instances pushing $12,000 per sqm.

Colliers International’s Oliver Hay, Daniel Wolman and David Sia have been appointed to the auction campaign of the 298sqm property.

With triple frontage to the intersection of Lygon and Elgin streets, the team is expecting a sale price of more than $2.5million.

“This property presents a once-in-a-lifetime opportunity to secure a dominant building on Carlton’s most prominent corner, with imposing frontages to Elgin, Keppel and Lygon streets measuring more than 57 metres,” Mr Hay said.

“The short-term holding income provides flexibility for investors, owner-occupiers or value-add players, and the commercial use enhances the asset’s versatility.”

The two-storey freehold includes the bank’s original safe and has a net lettable area of about 400sqm, comprising nine expansive offices or residential spaces with double-height ceilings and modern appliances. There is secure off-street parking.

Mr Wolman said the prime location, metres from the University of Melbourne, was a key selling point and properties in the are were becoming difficult to acquire in recent years.

“Elgin Street is immersed in the world-class Lygon Street lifestyle precinct, with Princes Park, Carlton Gardens and Carlton’s finest restaurants, cafés and luxury retail all within walking distance,” he said.

“With Carlton office space starting at about $8,000 per square metre on building rates, buyers are seeing significant value for money in what is a highly convenient, lifestyle-driven suburb with extensive CBD synergies,” Mr Hay said.

“At a more affordable rate, purchasers can make the move to Carlton, literally metres from the CBD, and invest in significant parcels of land among Melbourne’s best education institutions and amenity.”

Colliers International Melbourne CBD city sales investment services Carlton historic freehold commercial property savings bank

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