A portfolio of South Melbourne real estate has come to market in three separate offerings from the same private owner.
Colliers International’s Daniel Wolman, Matthew Stagg, Peter Bremner, David Walker and David Sia have been appointed to sell 154 Bank Street, 180 Bank Street and 217 Dorcas Street by Expressions of Interest closing Wednesday 20th June.
“Comprising two undeveloped carparks and an expansive, art deco office building, the properties are set to cause a stir, just metres from Clarendon Street,” Mr Wolman said.
“The crown jewel of the portfolio, 180 Bank Street is an expansive, former butter factory, more recently a film and sound studio. The iconic building provides purchasers with incredible scope for a value-add investment.
“Well suited for commercial investors and owner-occupiers, the property also boasts exceptional merit for residential conversion."
Commercial vacancy rates across Melbourne’s city fringe have contracted to a historic low of 3.29% as a result of the cyclical space squeeze affecting both the CBD and fringe.
“180 Bank Street is well placed to capitalise on South Melbourne’s commercial space shortage, with potential for a mixed use project of generational significance,” Mr Wolman said.
154 Bank Street and 217 Dorcas Street are vacant land parcels – a rare find in the Clarendon Street precinct of South Melbourne which has long been held a commercial epicentre of Melbourne’s fringe.
“Undeveloped land parcels of this scale are virtually non existent in the Clarendon Street precinct,” Mr Wolman said. “We are already experiencing a mix of local and international interest driven by the premium locational synergies."
The portfolio offering comes after the similar $41million sale of a 4641sqm “super site” nearby bounded by Cecil, York, Northumberland and Market Streets, in 2017.
“South Melbourne is booming as large commercial occupiers are priced out of St Kilda Road and Melbourne,” Mr Wolman said. “ As a result, South Melbourne has become something of a a hub for A-Grade developments including speculatively built projects such as Hickory’s Market Lane."