Located at 540 Flinders Street, the 1,971sqm site at the Melbourne CBD currently features a two-level office-warehouse with prominent dual frontage to Flinders Street and Flinders Lane.
The prize landholding, which has been approved for two hotel towers of 24 and 30-storeys, is being offered for sale as part of a shift in strategy by the owners.
The development for sale presents a unique opportunity for Build to Rent investors and developers to establish a scheme in a key area for the sector.
“The flexible Capital City Zoning and permitted building envelope opens up a lot of opportunities for build-to-rent and a number of other uses, to take advantage of the compounding effects of strong and improving market fundamentals and a scarcity of supply throughout the Melbourne CBD.”
Jozef Dickinson, Colliers
CBRE’s Scott Callow and Nathan Mufale together with Colliers’ Jozef Dickinson and Trent Hobart are managing the sale via an Expressions of Interest campaign closing on 7 September 2023.
“Opportunities such as 540 Flinders Street are extremely rare and we’re expecting both onshore and offshore buyer interest given the site’s prominent location and development scope. The approved planning permit allows for a dual tower over a shared podium, comprising a total gross lettable area of 22,591sqm. An incoming owner could look to pursue the existing hotel scheme, underpinned by the rapid recovery in the Melbourne hospitality sector, or examine a range of alternate development options.”
Scott Callow, CBRE
Positioned on the south-western corner of the Melbourne CBD grid, the site offers CBD amenity but with the benefit of being a short walk to the Yarra River, Batman Park and Crown Casino.
