The Perfect Fitzroy Development Site

Posted on 14th June 2022

One of the best and last remaining development sites in one of Australia’s most sought-after lifestyle suburbs has hit the market.

Fitzroys’ Chris Kombi and Chris James are marketing 450 Gore Street, at the corner of Leicester Street, Fitzroy, on behalf of a private family via Expressions of Interest closing 22 June at 2pm.

Expectations are of $8 million-plus.

The significant triple-fronted 900sqm site is on beautiful tree-lined Gore Street and behind popular Smith Street, named the Coolest Street in the World by Time Out. Fitzroy itself, meanwhile, was recently ranked as Melbourne’s most liveable suburb by CoreLogic, which took into consideration parks, health, shopping, public transport, schools and walkability across every one of the city’s suburbs.

This offers an unrivalled development site in one of Australia’s most liveable locations,” Kombi said.

The site has favourable Mixed Use zoning and is within the Fitzroy East and Johnston Street North planning precinct, which promotes significant density and development.

“Developers have what is an increasingly rare chance to deliver a project in the heart of an eclectic and vibrant suburb. The site is within walking distance to every possible amenity including parks, public transport, renowned bars and eateries, and Fitzroy swimming pool.”

As well as Smith Street, the site is close to the Brunswick Street and Johnston Street lifestyle precincts, as well as the iconic Edinburgh Gardens, and just 1.5 kilometres from the Melbourne CBD.

“Prudent developers have competed strongly for the few recent offerings in the area and we expect this to be no different,” Kombi added.

Current improvements include a highly functional 780sqm single-storey warehouse with ample on-site car parking, leased on a monthly agreement returning $10,217 per month plus GST. The well-established and longstanding tenant has expressed their desire to extend their lease.

“Buyers can immediately go about working on development plans, or use the site as a landbank play, generating a strong income from a quality tenant while assessing their options for the site,” James said.

Fitzroy attracts local, interstate and international guests to the precinct given its world-class offering of retailers, restaurant, cafes and bars. The suburb is soon to be home to leading boutique hotel group The Standard nearby on Rose Street, where a 126-room hotel is set to be opened in 2023.

Piccolo has recently unveiled $120 million plans for an apartment project at 385 Gore Street and sold out its 71-75 Argyle Street project, while the Victorian Government is redeveloping the Fitzroy Gasworks site into a new residential, sports and community precinct.

“Inner-city locations with excellent lifestyle qualities are particularly popular with Melburnians as flexible working arrangements become commonplace. We’ve seen overwhelming evidence for demand in the immediate area across multiple projects,” James said.

Close by is the rapidly developing Collingwood office market with multiple projects recently completed and underway, including the $111 million Aesop headquarters by Impact Investment Group, global investment group Hines’ $200 million timber tower, and projects at 51 Langridge Street and 71 Gipps Street.