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Melbourne outshines Sydney as largest city - investor demand for retail assets kicks off

Jess Freeman • 02/06/2023

Melbourne has overtaken Sydney to become the largest city in Australia and with a population of over 5 million, this is a significant milestone for the city, which has long been considered the cultural capital of Australia. 

With its rich history, stunning architecture, and a thriving arts scene, Melbourne has further cemented its position as one of the most important cities in the world.

The growth in Melbourne's population can be attributed to several factors, including its booming economy, excellent job opportunities, and high-quality lifestyle. The city is home to some of the best universities in Australia, world-class healthcare facilities, and a vibrant nightlife. These factors have made Melbourne an attractive destination for both local and international residents, professionals and investors.

According to George Davies, Cushman & Wakefield’s Associate Director Investment Sales, Victoria, “Melbourne is poised for even greater things in the future. 

“The city has set its sights on becoming a global leader in technology, innovation, and sustainability. With its world-class infrastructure, highly skilled workforce, and entrepreneurial spirit, Melbourne is well-positioned to achieve its goals”.

Mr Davies went on to say that there is also a resurgence in the Melbourne CBD retail market as the city bounces back from the challenges of the past few years. 

“With the reopening of hospitality and increased foot traffic in the CBD, retailers are once again seeing strong demand for their products and services. Melbourne's unique blend of cultural diversity, vibrant nightlife and world-class shopping experiences make it a prime destination for both locals and tourists alike.”

In light of this, a Sydney based investor is set to sell two trophy retail assets in the Melbourne CBD via auction, for the first time in 20 years. The properties have been fully occupied since 2002 when the vendor purchased them with virtually no down time between tenants.

447 Little Collins Street comprises an 80sqm* fully fitted out space with a commercial-grade kitchen, including grease trap, exhaust, refrigerators, freezers, and additional Food & Beverage (F&B) equipment. Well known and regarded F&B establishments ‘Bennito’s’ and ‘Massi’ occupied 445 Little Collins St for circa 15 years and 6 years respectively.

451 Little Collins Street comprise 40sqm* with soaring ceiling heights, steel-framed windows and elegant architraves.

Both assets are for sale through George Davies, Anthony Kirwan, Jeff Ha of Cushman & Wakefield and are perfect for F&B operators, national retailers, luxury brands or service-related businesses.

Anthony Kirwan, Cushman & Wakefield’s Associate Director Investment Sales, Victoria, said with a vibrant 7-day trade, this lively pocket attracts both weekday and weekend visitors, with prominent signage and street exposure.

“This is a destinational hotspot, surrounded by the likes of the W Hotel, RACV Club, Mitre Tavern, Treviso and some of Australia’s most prominent office and residential towers.  Not to mention the close proximity to public transport at your doorstep.”
447 & 451 Little Collins Street, Melbourne are for sale individually by Public Auction Thursday 29 June at 4.30pm AEST On-Site.


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