Colliers have been exclusively appointed to market the corner of Flinders Street and Highlander Lane in the Melbourne CBD. The site has a permit approved for a luxury 24-level residential development overlooking the Yarra River.
The approved permit offers a proposed total gross building area of 6,673 sqm, with a Metier3 designed luxury residential outcome for 35 full and half floor apartments, with an average internal area of 142 sqm.
Located at 490 Flinders Street and 1-9 Highlander Lane, the 352 sqm site is suitable for Build to Rent, co-living and Build to Sell.
Colliers Matt Stagg, Nick Garoni, Jozef Dickinson and Aaron Choong are appointed to conduct the Expressions of Interest campaign, which closes at 3pm (AEST) on Thursday 20 June and is expected to achieve a sale price of $12m.
“Melbourne’s CBD development sites are attracting a far more diverse buyer profile and encapsulating Build to Rent, co-living, PBSA and of course the traditional Build to Sell.”
“We anticipate this site to attract significant institutional capital from the living sectors with the stabilisation of the LIV Munro asset and proof of concept in this sector, coupled with the emergence of sub-sectors such as co-living which would be very well suited to this location.” J
ozef Dickinson, National Director of Residential, Colliers
Located at the foothold of the CBD, the Flinders Street corner site is in a 24-hour, high-growth precinct supported by a strong office and employment hub by day and a hospitality destination at night. It is also home to a rapidly increasing permanent residential population.
There is also a prominent leisure and travel market, with its immediate proximity to Crown Casino and Southbank Promenade, Melbourne Convention and Exhibition Centre, and further to Marvel Stadium and the sporting precinct that hosts some of Melbourne’s most noteworthy events.
“The permitted project is well advanced, offering an approved building envelope, positioned to capitalise on the premium view lines over that Yarra River and the high-end amenity stemming from the Rialto precinct – 75m* away.”
“We expect both local and offshore Build to Sell developers to compete for the site, as apartment pre-sales rates are improving across Melbourne. Population growth estimates show Melbourne to have the largest forecast migration of all the capital cities in Australia in the next ten years.”
Matt Stagg, Head of Investment Services – Victoria, Colliers
The Flinders Street corner site also features a high-profile triple street frontage of 49+ metres, allowing for easy access for construction.
Although suitable for the living sectors, Colliers Nick Garoni added that the property could also be suitable for other commercial outcomes.
“The site is in a diverse, high-profile pocket within the Melbourne CBD surrounded by some of the most high-profile corporate tenants in the CBD. Given the sheer scale of population in this location and the constant evolution of this area, the existing building would even be suitable for hospitality, occupation or retail use.”
Nick Garoni, Senior Executive, Colliers
