Generational Melbourne CBD property hits the market after 32* years

In a rare offering that marks the end of a generational tenure, at 203-207 Elizabeth Street, Melbourne, for sale. 

The double-fronted, freehold property is expected to fetch circa $10 million, a reflection of its prime position in the Melbourne CBD, Australia’s fastest-growing city.

Sales agents Anthony Kirwan and Oliver Hay of Cushman & Wakefield, who are managing the campaign alongside colleagues Daniel Wolman and Leon Ma, describe the property as an “unrepeatable opportunity” to secure a trophy investment in the heart of the city.

“This is the first time in 32* years that this property has been offered to the market,” said Mr Kirwan. “It’s a true generational asset that represents the pinnacle of Melbourne’s commercial real estate.”

The property occupies a coveted location opposite the globally renowned Bourke Street Mall, described by Mr Hay as “The most prestigious shopping high street in Australia, with unparalleled pedestrian foot traffic and a seven-day trade precinct.”

The freehold asset combines retail and residential elements, offering a diversified income stream from three ground-floor retail tenancies and six contemporary apartments spread across two upper levels. 

“With a strong and diversified income stream between retail and residential tenants, and immediate potential to increase rental returns, 203-207 Elizabeth Street is a high-performing investment that also provides room for future capital growth,” notes Mr Hay.

The three-level building features a substantial 697-square-metre floor area on a 281-square-metre land parcel, with a striking façade and 33 metres of dual street frontage to Elizabeth Street and Somerset Place. The rear access via Somerset Place ensures exceptional logistics for retailers and a seamless living experience for residents.

The retail component is anchored by tenants benefiting from Melbourne’s dynamic retail core, directly opposite global retailer H&M. “This is one of the city’s busiest retail hubs, and the dual street frontage exposure enhances the appeal for tenants and investors alike,” said Mr Kirwan.

Complementing the retail offering are the six 1 and 2-bedroom apartments, designed with a modern aesthetic and functionality which will provide a steady rental income while catering to the demand for quality inner-city living. The property also boasts an architectural presence that balances heritage charm with contemporary design. 

“The blend of retail and residential components offers investors an exceptional mix of income generation and capital growth potential in Melbourne’s most prestigious retail core,” concludes Mr Kirwan.

Expressions of interest for 203-207 Elizabeth Street, Melbourne, close on Thursday 13 March 2025 at 12pm AEDT.