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Iconic Retail Opportunity in South Yarra Precinct, surrounded by $5 Billion* Development Pipeline, Set to Be Auctioned

Jess Freeman • 27/07/2023

Four amalgamated retail properties are set to hit the market in one of Melbourne’s most vibrant and highly sought-after locations - South Yarra.

With a population of approximately 25,028* (2021 census study), with significant projected population growth forecast until 2036, this prestigious suburb boasts a thriving real estate market evident, with 141 properties being sold in the last 12 months, highlighting its desirability.

In recent times, the South Yarra precinct has become a hub of unprecedented investment, activity and growth, with notable, large-scale developments and transformation underway, including the construction of the Metro Tunnel's eastern entrance and active investors such as Greystar, Gurner, Newmark Capital, VicLand, Larry Kestelman, Goldfields, Harry Stamoulis, MTAA Superannuation Fund, Deague Group, Mantra Group, Oreana Group, V-Leader, and syndicates of local private investors and off-shore Asian capital.

The Cushman & Wakefield Melbco Strip Retail team; Leon Ma, Karim Ford, Daniel Wolman, and George Davies are pleased to present for sale 467-473 Chapel Street, South Yarra – a rare and exciting opportunity to acquire four flexible freehold investments in one-line and own a combined land holding of 673*sqm of prime Stonnington land with 734*sqm of total GFA and a commanding 22m* of premium frontage to Chapel Street, ensures maximum exposure and prominence.

Favourable Activity Centre Zone 1 (ACZ1) zoning with height allowances up to 18m* (approx. 5 levels) STCA with best and highest use envisioned for prime flagship retail or a hospitality powerhouse with additional possibilities including land bank, reposition and secure for immediate or future mixed-use development. 

The location's potential is further amplified by a $5 billion + * development pipeline, with transformation of the iconic Jam Factory directly opposite, a collaborative and visionary super prime mixed-use development with residential accommodation, office, public realm, and prime grade retail — A project spearheaded by BRW rich-lister, Tim Gurner and Newmark Capital set to boost employment and stimulate the local economy. 

At the heart of this upscale enclave is Chapel Street, arguably the postcode's best-known strip retail thoroughfare. Bursting with a plethora of shops, restaurants, bars, and nightclubs, Chapel Street epitomises the eclectic cosmopolitan lifestyle enjoyed by hundreds of thousands of Melbournians year-on-year. 

The City of Stonnington's 'Chapel reVision' Structure Plan (2012-2031) presents an exciting and ambitious vision for the Chapel Street Activity Centre. It provides a wide range of choices and encourages a considerably greater supply of floorspace, significant new inner living and diversity of buildings, tenancy types, employment, retail, hospitality, and entertainment activation – to restore the energy and diversity of what was once a world class destination street.

Leon Ma, Cushman & Wakefield’s Head of Asia Capital Services said “Driving the appetite for premium blue-chip, strip retail offerings are strategic inner City Fringe positioning, stable and consistent income streams, strong rental potential, and distance to Melbourne's CBD, a mere 4km* away. 
“South Yarra's excellent connectivity, including tram routes along Chapel Street and Toorak Road, and its close proximity to South Yarra Station (750m* away) ensure effortless access for its occupants”.
Mr. Ma went on to say that with strategic and highly coveted City Fringe positioning, the property is surrounded by several of Melbourne's elite private schools enhancing its appeal to affluent families, visitors and tourists, developers, and discerning investors alike.

Karim Ford, Cushman & Wakefield’s Executive, Investment Sales, Victoria believes the surge in demand for defensive strip retail assets has created an attractive investment opportunity for a diverse range of private investors, local and offshore retailers, hospitality groups, family offices, private funds, high-net-worths, and syndicates. 

“The appeal lies in the land bank, value-add, or reposition model to unlock strong rental potential underpinned by a growing local population, net migration and a robust development pipeline, to secure defensive lease covenants, generate high-income returns with annual CPI/ fixed-increased, and mitigate risks through syndication.”
The public auction for 467-473 Chapel Street, South Yarra via Cushman & Wakefield is scheduled for Thursday, 24th of August 2023 at 12.30pm AEST.

Significant South Yarra Transactions

 

Sold Date

Address

Suburb

Sale Price

Sqm Rate

21/06/2023

374 Chapel St

South Yarra

$ 2,150,000

$ 9,471

15/06/2023

266 Toorak Rd

South Yarra

$ 4,540,000

$ 20,178

19/04/2023

135 Chapel St

Windsor

$ 2,340,000

$ 12,928

28/02/2023

429-431 Chapel

South Yarra

$ 4,850,000

$ 13,857

20/10/2022

568-570 Chapel Street

South Yarra

$ 7,050,000

$ 9,097

6/10/2022

382 Chapel Street

South Yarra

$ 1,960,000

$ 8,909

1/08/2022

600 Chapel

South Yarra

$ 16,200,000

$ 44,142

 

 

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