This article is from the Australian Property Journal archive
SOUTH Africa’s second largest listed property company Redefine Properties has snapped up a $30 million car park in Carlton and has plans to develop a $130 million student accommodation complex.
Colliers International’s Matt Stagg, Daniel Wolman and Oliver Hay handled the sale of the 16-32 Leicester St Carlton property. The 2,040 sqm site comprises a six-level commercial car park with 454 bays.
Redefine Properties is understood to be planning for a high rise student housing project comprising approximately 600-700 beds.
“The past 18 months has seen an influx of major international student accommodation groups buying up key sites between RMIT University and Melbourne University,” Stagg observed.
Wolman said major investments by established universities such as Melbourne University and RMIT University and private groups such as Melbourne Institute of Technology and Haileybury College have led to a strong demand by international and local students for accommodation.
At the same time, the sale comes at a time when the number of purpose-built commercial car parks throughout the Melbourne CBD and city fringe is rapidly reducing, with these facilities being demolished to make way for new residential and commercial developments.
16-32 Leicester St was offered for sale alongside 380 Queen St, a large 3,218 sqm site that is home to a six-level commercial car park comprising 556 bays, constructed in 1987. Situated in a high profile location on the corner of Queen St and A’Beckett St, it also includes a 1,917 sqm ground floor showroom and office.
Hay said the car park at 380 Queen St is in advanced negotiations with major developers and car park investors.
“The Queen St car park is situated on the corner of A’Beckett St and is one of the largest remaining undeveloped landholdings in the Melbourne CBD. There is a scheme by COX Architects for a 71 level tower and an asking price of $80 million, Hay said.
Australian Property Journal
