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Prime opportunity emerges along Melbourne's Bourke Street

Jess Freeman • 19/02/2024

387-391 Bourke Street, Melbourne HR

A world-class commercial real estate opportunity has surfaced in Melbourne's prestigious Bourke Street Midtown CBD, having been owned by one private Melbourne family for almost two decades.

Located at 387-391 Bourke Street, the property offers a strategic position just 80 metres from the globally renowned Bourke Street Mall, making it a coveted asset in the epicentre of the city.

Positioned opposite the famed Hardware Lane Dining Precinct, the property not only enjoys a prime location but also benefits from the dynamic atmosphere created by the bustling culinary scene in the heart of Melbourne's CBD.

The rare two-level freehold building comprises 484sqm GBA underpinned by a substantial land area of 375sqm and boasts a substantial 12.27 metres* of frontage, presenting a significant opportunity for businesses looking to establish a prominent presence with high visibility.

This expansive frontage directly faces Bourke Street, ensuring exposure to the steady flow of foot traffic comprising office workers, retail shoppers, tourists, and locals alike. Not to mention the site is situated between three of Melbourne’s preeminent corporate office towers, 385 Bourke Street (63,000sqm*), NAB Midtown HQ, 405 Bourke Street (65,000sqm), and Cbus’ new $1bn project and upcoming CBA Midtown HQ, 435 Bourke Street.

Partially leased with two ground floor tenancies and a whole floor level 1 tenancy, the property has a price guide north of $10 million and is one of only two privately owned freeholds on this entire southern Bourke Street block.

Daniel Wolman, Anthony Kirwan, Oliver Hay and Leon Ma of Cushman & Wakefield’s Melbco team are the exclusive listing agents and said the strategic importance of this location is underlined by its adjacency to major landmarks and corporate centres.
“Surrounded by Melbourne's corporate giants and situated in an area of substantial infrastructure investment, this property will be an attractive option for businesses looking to be part of the city's dynamic economic landscape,” said Mr Wolman.
Mr Kirwan believes this listing presents a unique opportunity for investors and businesses alike, offering the potential for a flagship establishment in one of Melbourne's most sought-after locations.
“Whether for retail, office, or culinary endeavours, the property's prime position and flexible usage options make it an appealing prospect in the ever-evolving landscape of Melbourne's commercial real estate.”
In a city renowned for its livability and economic vibrancy, the availability of such a prime property is a rare occasion. In 2023, there was only one building auctioned in the CBD with Cushman & Wakefield’s Melbco team selling 144-148 A’Beckett Street for $11.85 million which was 43% above reserve under the hammer.

The Cushman & Wakefield team also sold a similar, yet larger building at 376-378 Bourke Street, directly opposite 387-391 Bourke Street for $14.5 million.

387-391 Bourke Street will be the first building auctioned in the Melbourne CBD of 2024 on Friday 22 March 2024 at 12.30pm ADST

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