The demand for prime development sites in Melbourne’s inner city and fringe markets is surging, as developers seek de-risked opportunities to prepare for the next economic cycle.
Amid this upswing, an approved luxury beachside development site at 46-50 Rouse Street, Port Melbourne, is set to hit the market, promising unparalleled potential for developers.
This premium site, brought to market by Cushman & Wakefield’s Daniel Wolman, Hamish Burgess, Joe Kairouz, and Leon Ma, offers a remarkable opportunity to capitalise on one of Melbourne’s most coveted residential addresses.
With approved plans for a six-level project designed by the world-renowned architects at Wood Marsh, the site combines impeccable design with an unbeatable beachside location, making it one of the most sought-after opportunities currently available.
The 608 sqm* site boasts the potential for stunning water and CBD skyline views, dual street frontages, and a flexible mixed-use zoning. The project presents a highly desirable offering in a location that underpins strong revenues and offers future residents an unmatched coastal lifestyle.
"We are noticing a dramatic increase in demand for development sites in Melbourne’s inner city and fringe markets," said Daniel Wolman of Cushman & Wakefield. "Approved sites such as this provide a de-risked opportunity for developers to ready themselves for the next cycle."
Hamish Burgess of Cushman & Wakefield said waterfront projects are sporadic and have the potential to re-rate residential revenues in their respective locations. "Premium sites like 46-50 Rouse Street are in high demand, as the construction cost increases can be offset by elevated apartment prices in this desirable location."
The project’s enviable position is set to attract buyers seeking a prestigious beachside lifestyle, supported by the proximity to vibrant retail and lifestyle amenities such as the Bay Street Shopping strip, Armstrong Street Village in Middle Park, Bridport Street in Albert Park, and Victoria Avenue in Albert Park.
Surrounded by Melbourne’s most affluent suburbs, including Albert Park and Middle Park, the site provides a broad purchaser catchment and is particularly attractive to the downsizer market. Its positioning near established high-end projects with proven resale values further solidifies the revenue potential of the proposed development.
With Melbourne’s inner-city and fringe markets experiencing a surge in activity, the opportunity at 46-50 Rouse Street offers developers the chance to secure a project with exceptional growth potential, underpinned by its rare beachside position and strategic location.
46-50 Rouse Street, Port Melbourne is for sale through Cushman & Wakefield by International Expressions of Interest, closing Friday 11th October 2024 at 12pm.
*Approximate
