Cushman & Wakefield Melbco Middle Markets to sell an East End Trophy asset, home to hospitality powerhouses.
A high profile hospitality icon is set to hit the market, in a rare freehold investment, owner-occupier or add-value opportunity in Melbourne’s exclusive ‘Paris End.’
Cushman & Wakefield Melbco Middle Markets’ Oliver Hay, George Davies, Daniel Wolman and Leon Ma have been appointed to sell 12-18 Meyers Place by way of Expression s of Interest closing Thursday 22 June at 12pm.
Offered for the first time in over 30 years, the double-storey converted factory boasts a site area of 603sqm*, and with triple street frontage, including laneway access, and 47.8m* of combined frontage.
Held in one family for three decades, the fully tenanted investment has added to Melbourne’s culinary culture and cemented the property’s reputation as a must-visit destination. Currently occupied by San Telmo, a Melbourne institution bought to life by the experiences and highly awarded head chef Marcelo Narvaez.
Transporting diners to the oldest neighbourhood of Buenos Aries, it is no wonder that the restaurant is filled with regulars.
Inclusive of underground secret bars and eateries, 12-18 Meyers Place is also home to Pizza Pizza Pizza and Lily Blacks. Its notable tenants have contributed to the unique character of the area and the popularity of this exceptional property said Oliver Hay of Cushman and Wakefield.
Ingrained in the east end of Melbourne CBD, this is an area buzzing with everyone from workers to residents to visitors.
“The ‘Paris End’ of Melbourne’s CBD has long been Melbourne’s most esteemed location as it houses a combination of luxury retail, premium accommodation, world class dining, top entertainment and major business hubs,” says Oliver Hay, Cushman & Wakefield’s International Director & Co-Head Investment Sales, VIC.
“This places 12-18 Meyers Place within one of Australia’s most tightly held locations, where vacancy rates are virtually zero, ensuring high rents are demanded year after year. Its premium location has and continues to attract high quality tenants.”
With this property due to come to market in the coming weeks, Mr Hay is confident that this notable east end landholding will have no issue attracting a flurry of interest from both local and offshore based groups.
“Buildings with such rich history and character are nearly impossible to come by. Having been in the same hands for 30 years, this asset presents a once-in-a-lifetime investment opportunity to secure some of Melbourne’s most premium real estate, in the city’s most exclusive location. We are expecting offers in excess of $15 million,” he said.
The nearby Parliament Station exposes these properties to elevated pedestrian traffic with thousands of people using Meyers Place to make their way to and from the surrounding office buildings
“Workers, students, tourists, and residents frequent Meyers Place to get about their daily lives. Melbourne’s most notable buildings including 101 Collins Street, Collins Place and the $1.4 billion 80 Collins Street are all within a 200m* radius” Mr Hay continued.
The property is expecting to attract wide-ranging interest from a diverse group of buyers looking to invest, owner-occupy or add-value.
“This building provides a fantastic investment opportunity due to the substantial holding income and land parcel, and there is also an opportunity to explore a mix of value-add and development upside and strata purchase possibilities. (STCA)” Mr Hay said.