An iconic building owned for over 31 years by a private Melbourne based family, is set to hit the market for sale in the Melbourne CBD.
The owners, who ran a renowned and esteemed Melbourne culinary institution for 44 years in Malvern, which recently closed down to embrace retirement, have decided to pass the torch to new owners for their property at 144-148 A'Beckett Street.
This corner freehold building in the Melbourne CBD is a unique find, boasting triple street frontages spanning 48 metres and a generous Building Area of 1,187 sqm. The underlying land area of 288 sqm, under the sought-after Capital City 1 Zoning (CCZ1), offers immense flexibility for potential residential, office, education, hotel, student accommodation, and more (subject to council approval).
For sale through Oliver Hay, Anthony Kirwan, Daniel Wolman and Leon Ma of Cushman & Wakefield and Joel Wald of MMJ Real Estate, the property comprises a prominent ground floor showroom, off street lockup side entrance, used as a delivery and store area, but could be converted into a facility that could provide multiple car spaces, spacious open floor plates on Levels 1, 2, and 3 with minimal partitions, each featuring bathroom and kitchen facilities. Additionally, the building offers an unencumbered rooftop and prime signage opportunities.
Oliver Hay, Cushman & Wakefield’s International Director & Co-Head Investment Sales, VIC believes one of the most significant advantages of this property is its proximity to the upcoming $1.7 billion Lendlease & City of Melbourne Queen Victoria Market redevelopment, set to be the largest urban renewal project in Melbourne. Just meters away, the building is poised to benefit directly from this transformative initiative.
“Adding to its appeal, the property is conveniently located a mere 250-metre walk from the advancing State Library Train Station, part of the $11 billion Metro Tunnel Project scheduled for completion in 2025. Melbourne Central Train Station and multiple tram routes on surrounding thoroughfares are also within easy walking distance” he said.
With superb retail amenity and high foot traffic, the building enjoys a prime position within the bustling 24- hour retail core Elizabeth Street Hospitality Precinct.
Anthony Kirwan, Cushman & Wakefield’s Associate Director Investment Sales, VIC said this is the first time in over 31 years that this exceptional property has been offered for sale, representing a once-in-a generation opportunity to acquire a timeless Melbourne CBD freehold.
“The enormous development upside, combined with its strategic location in one of the city's most dynamic and evolving precincts, make it an attractive prospect for owner-occupiers, local and offshore investors, repositioning players in the hotel, student accommodation, education, and development sectors.
Mr Wald of MMJ Real Estate expects the campaign for the property to be extremely well received by owner occupiers, local and offshore investors, repositioning players – hotel, student accommodation, education, and developers. “We expect interest in this iconic corner to be in excess of $8m.”
The property will be sold through Cushman & Wakefield and MMJ Real Estate via an On-Site Public Auction scheduled for Friday, 18th August 2023 at 12:30pm AEST.