News

Ultra-Versatile Opportunity On The Cusp of Melbourne’s CBD

Posted on 24th November 2021

FIT4365 163 171 Clarendon Street Southbank 0985 V4

One of the most versatile commercial sites on the cusp of Melbourne’s CBD is on offer for developers, investors and owner-occupiers.

Fitzroys’ Chris James and Rob Harrington are marketing the high-profile property at 163-171 Clarendon Street, on the corner of Market Street, on behalf of a private vendor.

Expectations are of circa $7.5 million.

The 657sqm corner site has a two-level 986sqm commercial building ready for occupation and 10 on-site car parks, while the site’s Commercial 1 zoning offers incredible development opportunities on the edge of the CBD, in a heavily active commercial and lifestyle precinct.

James said the property presented a substantial development opportunity, with Hickory’s brand-new Market Lane office building immediately next door providing a significant commercial development precedent.

“Highly accessibly city fringe locations with quality hospitality and lifestyle amenity are in vogue for businesses and workers at a time of flexible working arrangements, offering an attractive work and lifestyle balance and allowing easy access to the workplace and in-person collaboration with colleagues,” James said.

The property is moments away from the eateries and hotels of the Clarendon Street lifestyle precinct, the South Melbourne Market, and South Melbourne Central shopping centre.

Harrington said new office developments close by in South Melbourne such as Market Place and Deague Group’s 101 Moray Street, as well as Fortis’s multiple current projects and Beulah International’s STH BNK tower represent the location’s evolution into a commercial and lifestyle hub.

“South Melbourne and Southbank are expected to attract more office activity given the multitude of developments across the CBDand city fringe, including the adjacent Fishermans Bend urban renewal precinct, which will boost the residential catchment for years to come.”

James said the property also presented excellent investment and owner-occupation prospects, particularly at a time of ultra-low interest rates.

“Investors will note the value-add and land banking potential of the site, given the projected growth of Southbank and Fishermans Bend, and the property’s ideal positioning to capitalise on demand from businesses looking for highly-accessible inner-city time locations at a time of flexible working arrangements,” he said.

“Owner-occupiers have the incredibly rare chance to acquire their own premises on the edge of the CBD, in a thriving location offering some of Melbourne’s best lifestyle amenity.”