This article is from the Australian Property Journal archive
BILLED as Melbourne’s CBD’s “final high-profile corner with significant development potential”, a car park site has been listed for sale by its Singaporean owners with expectations of around $120 million.
Currently improved by a six-level commercial car park building with a 1,917 sqm showroom, the 3,218 sqm landholding at 380 Queen Street is positioned across from the 3.2-hectare block adjoining Queen Victoria Market that is set to be redeveloped by Lendlease and Scape into a $1.7 billion precinct with apartments, offices and student accommodation.
Cushman & Wakefield’s Oliver Hay, Daniel Wolman and Leon Ma are running the expressions of interest campaign, which closes 23rd May.
The property is also just across from Flagstaff Gardens, with more parklands planned for the area through the new Market-adjacent development, offering potential view lines over parklands and the Market.
“The Queen Vic Market precinct is Melbourne’s most unique and exciting precinct, and 380 Queen Street represents a rare opportunity to shape its future, being one of the last CBD sites with the potential for multi-tower precinct scheme,” Hay said.
The precinct has seen plenty of development activity recently. Mirvac recently opened its 490-apartment LIV Munro build-to-rent development, while Veriu opened its first Melbourne hotel, the 110-room Veriu Queen Victoria Market.
