This article is from the Australian Property Journal archive
One of Melbourne’s most unique development sites is currently being offered to the market for more than $16 million by Fitzroys.
Fitzroys are selling the property through a Public Tender process, which closes Thursday June 15, 2006.
The site, located at 11-31 Montague Street, South Melbourne, is an island site of 1.608 hectares approx which enjoys significant frontages to Montague Street, Munro Street, Ford Street, CityLink and the Westgate Freeway.
The site adjoins the recently announced Convention Centre Development which is proposed to include a new Hilton Hotel, 5000 seat Convention Centre, 2000 car spaces, and 50,000 sqm Bulky Goods precinct together with waterfront restaurants.
In addition to the $1 Billion Convention Centre precinct redevelopment the site is also a stones throw from the multi billion dollar Docklands precinct and the Crown Casino and Entertainment Centre.
Director at Fitzroys Michael Donovan said that the site offers enormous scope for redevelopment or subdivision subject to council approval in view of its unique location combined with its exposure in one of Melbourne’s most rapidly developing precincts.
It is difficult to imagine a comparable site anywhere in Melbourne that has the level of exposure in a location with an unparalleled opportunity to benefit from the multi billion-dollar investment-taking place within the immediate precinct’.
Donovan believes that with the completion of the new Convention Centre precinct combined with the existing Exhibition Centre, Melbourne will be recognised as the Exhibition / Convention capital in Australia for major international Exhibitions and Conventions further enhancing the future of this location.
It is anticipated that the site may achieve a sale price in the order of $1000 per sqm or higher which would represent a value of $16 million plus.
The site will undoubtedly be of interest to all major development and investment groups who will see the long term benefit of investing in one of Melbourne’s most exciting and developing precincts.
By Kathryn O’Meara
