This article is from the Australian Property Journal archive
THE University of Melbourne has added to its hefty land holdings around its Parkville campus with the $46 million purchase of a corner site in neighbouring Carlton from the Red Cross.
Opposite Lincoln Square, the 2,039 sqm corner site includes the three level former head offices of the Red Cross at 163-167 Bouverie St and another commercial building of two levels at 147-155 Pelham St.
Super Benefits Administration and RMIT University occupy the respective buildings leases running to May 2022 that bring a combined net annual rent of just over $800,000.
The site has flexible capital city 5 zoning that allows for a range of redevelopment outcomes. Multiple student accommodation projects are in the area.
