‘The Collection’, a highly coveted pair of development sites in Southbank, Melbourne, is now available for the first time in over 20 years. These premium properties, situated in the heart of the vibrant Southbank precinct, presents an unparalleled opportunity for investors and developers alike.
Positioned at 93-103 Clarendon Street and 284-290 City Road, the two sites offer a prime location within Southbank, Melbourne's most recognisable CBD fringe precinct. Boasting convenient access to the Yarra River side of City Road, the sites seamlessly connect to leading integrated resort Crown Melbourne, The Yarra River Esplanade, and the cosmopolitan Clarendon Street.
The Clarendon Street site, occupying almost 42 metres of frontage and spanning 1,264sqm* sits prominently on the corner of Haig Street (northern boundary) and a laneway (southern boundary) and is currently occupied by a single-level warehouse building.
With three frontages, the City Road site covers an impressive 1,078sqm* and is strategically positioned on the Yarra River side of City Road, between Clarendon Street and Queensbridge Street. The corner location of City Road and Clarke Street, along with additional laneway frontage/access, ensures excellent visibility and presence.
Both sites possess Capital City 3 Zoning (CCZ3) and offer tremendous development potential. The current Design and Development Overlay stipulates a Floor Area Ratio (FAR) of 18:1 GFA with further upside available STCA (is that worth adding given the air rights component).
The sites are listed for sale through Daniel Wolman, Oliver Hay, and Marcus Neill of Cushman & Wakefield and Trent Hobart and Jozef Dickinson of Colliers International.
Daniel Wolman, Cushman & Wakefield’s International Director & Co-Head Investment Sales, VIC said "The Collection represents an exclusive opportunity to secure prime development sites in Melbourne's most recognisable CBD fringe location and create a landmark that will redefine Melbourne's skyline."
Mr Wolman added, "This is, by far, the best site in Southbank—a premium location for luxury hotels, apartments, Build To Rent (BTR) projects, offices, and more. Developers also have the flexibility to construct two towers, or combinations such as BTS and BTR, or a hotel, among other possibilities,"
Highlighting the favourable conditions in Victoria, Mr Wolman went on to say that the state has witnessed a strong rebound in overseas migration as we gradually recover from the effects of the COVID-19 pandemic.
“Migration figures are returning to rates recorded in 2019 and earlier and this positive growth is expected to continue, with projected figures for 2024-2026 aligning with historical rates."
Trent Hobart, National Director of Development Sites Residential at Colliers International, emphasised the key factors contributing to Southbank's success. "Southbank's immediate connection into the CBD grid has been instrumental in its appeal. Melbourne's employment focus is undeniably city-centric, and Southbank strikes a perfect balance between lifestyle and employment, a convenience that is in high demand."
Mr Hobart also highlighted the ongoing infrastructure improvements in Melbourne, particularly the metro tunnel project.
"Significant investments are being made to enhance the transport networks around Melbourne, including the transformative metro tunnel project. This ambitious endeavour will create a new end-to-end rail line from Sunbury to Cranbourne/Pakenham, featuring larger trains and five new stations. The project's completion will significantly reduce travel time and enable more frequent and efficient routes for commuters," he explained.
The sites are within close proximity to major retail destinations like South Melbourne Market, Coles South Melbourne, and Woolworths Melbourne Square, with the Clarendon Street Tram a mere 1-minute walk away. The Southern Cross Railway Station and Flinders Street Station are both within walking distance, as are Polly Woodside Park and Boyd Park. The Rialto Towers and Bourke Street Mall, and RMIT University and the vibrant Flinders Lane Restaurants, are just moments away.
93-103 Clarendon Street & 284-290 City Road are for sale individually or in one line through an International Expressions of Interest process closing Friday, 1 September 2023, 2pm (AEST).