Owner-Occupier Picks Up CBD Fringe Building

Posted on 02nd December 2021

Owner-occupiers and developers have pursued a warehouse conversion on a prized Melbourne CBD fringe site.

Fitzroys’ Ervin Niyaz and David Bourke sold 268 Rosslyn Street for $1.96 million to a local owner-occupier who will use the property for their financial services business.

The prominent two-level, 420sqm creative and light-filled office has more than nine metres of frontage to Rosslyn Street and is on a 218sqm site.

Niyaz said owner-occupiers and developers were at the forefront of the more than 50 enquiries generated through the campaign.

“The historically low interest rate environment continues to bring owner-occupiers into the mix for these types of opportunities, with the numbers stacking up for many to buy their own premises rather than rent,” he said.

“The property ticked so many boxes for what businesses are looking for at the moment. Lifestyle attributes have never been so important.

“Character buildings and warehouse conversions are always popular, and as well as being light-filled, it is close to brilliant hospitality amenities, and is in a highly accessible, inner-city location, connected to major roads and close to North Melbourne station.”

The property is moments from Festival Hall and Marvel Stadium, and within walking distance to Queen Victoria Market, Flagstaff Gardens and Spencer Outlet Centre.

Niyaz said developers were keen on the site’s Mixed Use zoning potential that offered the chance to capitalise on the growing popularity of inner-city locations as Melburnians embrace flexible working arrangements.

“West Melbourne’s gentrification from industrial hub into a thriving inner suburb shows no sign of slowing,” he said.