For Sale – Melbourne CBD Development Site
A prominent Melbourne CBD site, approved for two hotel towers of 24 and 30-storeys, has been listed for sale.
Located at 540 Flinders Street, the 1,971sqm site currently features a two-level office-warehouse with prominent dual frontage to Flinders Street and Flinders Lane.
“Opportunities such as 540 Flinders Street are extremely rare and we’re expecting both onshore and offshore buyer interest given the site’s prominent location and development scope,” Mr Callow said.
“The approved planning permit allows for a dual tower over a shared podium, comprising a total gross lettable area of 22,591sqm. An incoming owner could look to pursue the existing hotel scheme, underpinned by the rapid recovery in the Melbourne hospitality sector, or examine a range of alternate development options.”
Mr Dickinson added, “The flexible Capital City Zoning and permitted building envelope opens up a lot of opportunities for build-to-rent and a number of other uses, to take advantage of the compounding effects of strong and improving market fundamentals and a scarcity of supply throughout the Melbourne CBD.”
Positioned on the south-western corner of the CBD grid, the site offers CBD amenity but with the benefit of being a short walk to the Yarra River, Batman Park and Crown Casino.
For sale via an Expressions of Interest campaign closing September 7, 2023.