Colliers International to sell high profile corner building with value-add potential
A high profile, corner building on Bourke Street is set to go under the hammer in a rare freehold investment, development or owner-occupier opportunity in the heart of the Melbourne CBD.
Colliers International’s Oliver Hay, Daniel Wolman, Matt Stagg and David Sia have been appointed to sell 220 Bourke Street at auction on Friday April 27 at 12noon.
The five-level, 1,170sqm building is situated on a 201sqm site and offers a net lettable area of 1,040sqm. It has frontages to both Bourke Street and La Trobe Place and has direct access to Little Bourke Street and Melbourne’s popular Chinatown precinct.
“220 Bourke Street is surrounded by some of Melbourne’s finest lifestyle amenity, boasts ample public transport options and represents a true once-in-a-lifetime investment opportunity with endless value-add potential,” Mr Hay said.
“The current improvements comprise a five-level freehold building with a spectacular Melbourne rooftop terrace, primed for a hospitality rooftop destination in the heart of the CBD.
“The building’s prime corner location is second to none. Situated between Swanston Street and Russell Street, this bustling location is exposed to elevated levels of pedestrian traffic as it sits in the heart of Melbourne’s eclectic mix of commercial and residential developments.
“Students, workers, tourists and residents frequent these laneways and streets to get about their daily lives. The world-famous Bourke Street Mall, Melbourne’s GPO a mere 300m away."
Major high-traffic shopping destinations including Myer, David Jones, Zara, H&M and arcades such as Midtown Plaza, Tivoli Arcade and the neighbouring Target Centre Shopping Mall are all located nearby, as are two of the city’s most prestigious and reputable tertiary education providers, Monash College and RMIT University’s Bourke Street campus.
Mr Sia said the property was expected to attract wide-ranging interest from a diverse group of buyers with its flexibility and variety of value-add opportunities.
“Not only does this building provide a unique opportunity for a future purchaser to capitalise and transform the rooftop terrace, but it also has the potential for the top two floors to be optimised and converted from private residential use to commercial space,” he said.
“The existing building also has the potential for additional levels, subject to council approval, given the neighbouring QT Hotel has established an 11-level precedent.
“Opportunities of this kind in the heart of the Melbourne CBD are rare and as such, we are anticipating a hot contest when this property goes to auction next month.”