Melbourne CBD Strata Collection Hits Market Amid Pent-up Demand

Posted on 15th October 2018

Ftz 188 Franklin St 9643

While Melbourne CBD strata deals have been scarce this year, Fitzroys is about to address the balance by offering The Franklin Collection, a selection of commercial and retail units together with numerous car spaces at 118 Franklin Street, adjacent to the Queen Victoria Market Renewal Precinct.

Fitzroys is marketing The Franklin Collection on behalf of the private original builder of 118 Franklin Street, via Expressions of Interest closing Friday, 16 November at 12pm.

The Franklin Collection is expected to fetch a combined circa $6 million.

Opportunities include a level 10 office, with a large terrace, that could be extended to create a penthouse (STCA) and converted for residential use; a ground floor retail space of 40sqm that is primed for a food outlet to service the burgeoning local residential population; and a self-contained first-floor suite of 152sqm with its own street entrance, and which includes a lease to a beauty parlour and spa until 2020 with five-year options.

In addition to many other smaller units, 39 secure car spaces are to be offered for sale.

“This remarkable selection of strata opportunities will go some way to matching the demand from the many investors searching for the security of investing in the CBD,” Fitzroys selling agent Alex Shum said.

“We are also receiving interest from local developers and car park/car hire operators who infrequently have the chance to buy this many CBD car parks. While the main lots will be selling above the $1 million mark individually, there are other lower priced opportunities as well.”

Shum said the immediate area has been the focus of high density residential development over the past 10 years, bringing new landmarks such as Fulton Lane, EQ Tower and MY80, while numerous other high rise developments are planned or already under construction.

“Franklin Street is also in the centre of Melbourne’s education precinct, close to RMIT, Melbourne University and many private college campuses.

“The surge of international students into Melbourne has also led to the development of world-class accommodation facilities, the majority of which are centred around this northern CBD precinct.” The property is also set to significantly benefit from the proposed $250 million renewal of the Queen Victoria Market and surrounds. It is adjacent to the proposed $450 million Munro site project that will comprise a 300-unit apartment tower, an 80-room hotel, car parking and a childcare facility.