This article is from the Australian Property Journal archive
THE Freshwater Place Car Park has traded for the first time for $16 million at a 6.72% yield to an offshore Singaporean investor, in Southbank’s largest sale for 2024.
Located at 2 Southbank Boulevard, on the fringe of the Melbourne CBD, the car park is a single-level facility with 265 bays, managed by Wilson Parking since it was constructed back in 2005.
Nick Peden, Josh Rutman and MingXuan Li from JLL Capital Markets Melbourne managed the sale on behalf of the vendor, Frasers Property Group.
“The Freshwater Place Car Park sale is only the fifth multi car park sale in Melbourne in the past seven years, highlighting the scarcity of opportunities to purchase in this asset class,” said Peden.
Throughout the campaign there was 115 registered enquiries and 14 individual inspections, with the purchase price reflecting a rate of $60,377 per parking bay.
“The successful purchaser was an offshore private investor drawn to the tightly held nature of the asset class and the solid fundamentals of Melbourne real estate,” said Rutman.
The facility benefits from its positioning as part of the Freshwater Place mixed-use precinct, which boasts 53,000sqm of premium grade office space plus retail, dining and residential.
The car park is also located to some of Melbourne’s top tourist attractions, including Crown Casino, Melbourne CBD, Southgate, Arts Centre / Hamer Hall and the MCG, in addition to close proximity of major office and residential buildings.
Back in May, after a sluggish start to the year, the sale of a 760-bay car park changed hands in the largest single CBD transaction of 2024 at that point, in the 8-level commercial car park at 28 La Trobe Street which last sold in 2021 for $21.75 million.
