A highly sought-after property in the prestigious Domain Precinct, located near the brand-new Anzac Station, in Southbank, will be hitting the market with an estimated price tag of approximately $45 million.
This prominent 8-storey (plus basement) commercial office, situated at 10-16 Dorcas Street, South Melbourne, VIC, comes with an approved permit for a 20 storey luxurious high-end apartment and hotel development, making it an exceptional investment opportunity.
The property boasts an impressive Total Building Area of 10,639sqm* and offers secure off-street parking for up to 88 cars, providing added convenience for tenants and visitors alike. Standing on an expansive underlying landholding of 1,301sqm* with dual street frontage to Dorcas Street and Wells Place, the location offers breathtaking views of the iconic Shrine of Remembrance and Botanical Gardens, further adding to its appeal.
For sale through Oliver Hay, Daniel Wolman, and Leon Ma of Cushman & Wakefield’s Middle Markets Team, one of the property's standout features is its efficient side service core configuration, allowing for ample natural light and optimal flexibility in tenancy configurations. With average floor plates of over 1,000sqm* the property is perfectly tailored to meet the requirements of a variety of businesses and tenants.
According to Oliver Hay, Cushman & Wakefield’s International Director & Co-Head Investment Sales, VIC the location of this commercial office building is truly exceptional.
"Situated within the tightly held Domain Precinct and in close proximity to the upcoming Anzac Station, scheduled for completion in 2025, the property promises substantial growth potential for its future occupants. The current permit approval for high-end luxury apartments and a hotel development provides an exciting opportunity for investors looking to explore diverse avenues in a thriving lifestyle area”.
Mr Hay said potential buyers will have the option to further enhance the property's value through refurbishment and subdivision or even consider future redevelopment possibilities.
10-16 Dorcas Street, South Melbourne, VIC is for sale via Expressions of Interest closing Thursday 7 September 12pm AEST.