This article is from the Australian Property Journal archive
THE Uniting Church of Australia is offloading more than an acre of land on Melbourne’s CBD fringe that includes a bluestone church built more than 140 years ago.
Home to the Mark the Evangelist Church, the 4,882 sqm site including the 1879-built Gothic Revival church with a 46-metre spire, an eight-bedroom Manse built for the Church’s minister around 150 years ago, residential terrace homes and units, a commercial building and character buildings.
The buildings are currently returning approximately $361,320 per annum, with significant rental upside potential, according to JLL selling agents Jesse Radisich, Nick Peden, Josh Rutman and Mingxuan Li, who are expecting interest to come from developers, investors and value-add players, as well as occupants for part or all of the site.
The church building could be converted into a modern, designer home, offices or hospitality.
Interest is expected in the $10 million range.
The 579-599 Queensberry Street and 51-61 Curzon Street site offers three extensive street frontages to Queensberry, Curzon and Elm streets totalling over 200 metres.
“This is a truly special opportunity, not only providing over an acre of city-fringe land but also a number of high-quality residential, commercial and special use buildings, providing the benefit of significant current income and enormous upside potential,” said Radisich.
Both North Melbourne train station and the under-construction Arden train station are within easy walking distance of the site, and trams also service Queensberry Street.
“North Melbourne is one of Melbourne’s most sought-after lifestyle, residential and commercial precincts, with future growth underpinned through the ongoing development of the nearby Arden Precinct which will be home to 34,000 workers and 15,000 residents, as well as the Melbourne Biomedical Precinct, which will attract 80,460 workers by 2036”, Radisich said.
The site is also moments away from the Errol Street café, eatery and supermarkets strip.
“We don’t often see the opportunity to buy what really is an entire village in North Melbourne, and such a large landholding. The buildings provide an immense amount of value and opportunity, and could be incorporated into a broader development vision for the site,” Peden said.
Expressions of interest close 8th March.
