This article is from the Australian Property Journal archive
A CORE site in Melbourne’s Southbank has sold to Malaysian developer OSK Property, with development potential for a 40-level building.
190 City Road sits in Melbourne’s city fringe and is currently occupied by a modernised three-level office building, with a floor area of 2,485sqm and extensive on-site parking, on the flexible 1,597sqm Capital City zoned site with prominent 42 metres of frontage.
Leon Ma, Oliver Hay, Daniel Wolman and Matt Stagg of Colliers, alongside JLL’s Jesse Radisich, Josh Rutman, David Hill and MingXuan Li, managed the sale of the site via a competitive expressions of interest campaign.
“We received multiple offers from owner-occupiers, developers and value add buyers, based locally and offshore,” said Ma.
“Situated within a highly flexible Capital City Zone, 190 City Road provides an opportunity for various uses, including residential, hotel, build-to-rent, co-living, office and more.”
The proposed development scheme included in the sale has been prepared by Rothelowman and is for a 40-level tower—plus basement carparking—with 308 residential apartments across circa 30,752sqm of GFA.
190 City Road is surrounded by successful developments such as Eureka Tower and Australia 108, with the precinct also boasting walkability to the CBD, Flinders Street Station, Southern Cross Station and further transport accessibility via the trams on St Kilda Road.
“Southbank has long been a favoured development location for both local and off-shore developers, and despite some of the challenges presented with the site specifically, as well as the broader market, the result achieved is a strong testament to the long-term confidence being placed in the market by some of the biggest property groups,” said Radisich.
“The revitalisation of the arts precinct will bring increased tourism and foot traffic to the area and will no doubt add tremendous value to the future development of 190 City Road.”
OSK Property is the developer of the $2.8 billion Melbourne Square project and this acquisition will increase the developer’s landholdings in Melbourne after it recently acquired a 7,800 sqm site at 87-127 Queensbridge Street. also in Southbank for around $70 million.
The site was sold with approval for a mixed-use dual-tower 733-unit, 188-room and 1,298 sqm office space development.
