One of the last Melbourne City Fringe corner sites of scale with panoramic views is set to hit the market, as West Melbourne, known for its historic industrial character, experiences a remarkable metamorphosis, evolving into a vibrant neighbourhood brimming with unique charm that appeals to both residents and businesses.
Strategically positioned on a prominent, north facing corner, wrapped by council laneways, in a convenient and future-proof location on the edge of the Melbourne CBD, is ‘Batman & Adderley’ more formally known as 60-80 Adderley Street & 133-137 Batman Street, West Melbourne.
With a combined landholding of 1,420sqm* and high-density development potential, the site comprises two improved warehouses, and flexible leases are currently in place to quality tenants providing a significant income stream. Both include demolition clauses, allowing immediate development ability.
For sale through Daniel Wolman, Alexander Leggo, Marcus Neill and Leon Ma of Cushman & Wakefield, the site is zoned Flexible Special-Use Zone (SUZ) permitting a multitude of uses including residential, hotel, student accommodation, serviced apartments, co-living, education, office, and retail (STCA) with a Design and Development Overlay - Schedule 33 - Area Ratio (FAR) of 6:1, encouraging high-density, built-form potential with a maximum Gross Floor Area of 8,520sqm*.
Daniel Wolman, Cushman & Wakefield’s International Director & Co-Head Investment Sales, VIC said “the strategically located mixed-use precinct surrounding Adderley Street & Batman Street is supporting the expansion of the Melbourne CBD and rapidly transitioning from a historically industrial area to a vibrant, charter-rich residential and business community.
“With its exceptional development potential, corner positioning, untapped scenic views, and diverse future possibilities, 'Batman and Adderley' is poised to attract a wide range of buyers seeking to capitalise on a future-proof location”.
According to Alexander Leggo, Cushman & Wakefield’s Executive Investment Sales, Victoria “both improved buildings currently meet the demands of a range of small to medium businesses with the ability to add value through various repositioning strategies and the construction of additional levels (STCA).
“This is an extraordinary opportunity to acquire one of the last City Fringe sites of scale, boasting Melbourne's best-uninterrupted views and holds tremendous potential for visionary developers and investors to create a landmark project that seamlessly blends urban sophistication with breathtaking vistas" he said.
Furthermore, The Spencer Precinct, located prominently within West Melbourne, has long been recognised for its industrial heritage and iconic landmarks. However, recent developments are reshaping the landscape, embracing the area's historical significance while injecting a fresh sense of vibrancy. The implementation of the West Melbourne Structure Plan has been instrumental in guiding this transformation and ensuring a cohesive vision for the precinct's future.
As part of the rejuvenation efforts, Spencer Street, positioned just 140 meters away from the precinct, has been earmarked as the dynamic 'main street' of West Melbourne.
Mr Wolman said this strategic designation brings forth exciting prospects for new and existing businesses, attracting a diverse range of retailers, eateries, and service providers.
“The incorporation of essential retail amenities within all new developments within the Spencer Precinct guarantees a vibrant and convenient lifestyle for residents and visitors alike”.
60-80 Adderley Street & 133-137 Batman Street, West Melbourne is for Sale by International Expressions of Interest closing Thursday 17 August 2023 at 12:00 pm AEST.