The Franklin Collection: The Franklin Collection, a selection of commercial and retail units together with numerous car spaces at 118 Franklin Street has come to the market in a year that has seen short supply of Melbourne CBD strata opportunities.
Fitzroys is marketing The Franklin Collection on behalf of the private original builder of 118 Franklin Street, which is adjacent to the Queen Victoria Market Renewal Precinct, via Expressions of Interest closing Friday, 16 November.
Opportunities include a level 10 office, with a large terrace, that could be extended to create a penthouse (STCA) and converted for residential use; a ground floor retail space of 40sqm that is primed for a food outlet to service the burgeoning local residential population; and a self-contained first-floor suite of 152sqm with its own street entrance, and which includes a lease to a beauty parlour and spa until 2020 with five-year options.
In addition to many other smaller units, 39 secure car spaces are to be offered for sale.
“This remarkable selection of strata opportunities will go some way to matching the demand from the many investors searching for the security of investing in the CBD,” Fitzroys selling agent Alex Shumsaid.
Shum said the immediate area has been the focus of high density residential development over the past 10 years, bringing new landmarks such as Fulton Lane, EQ Tower and MY80, while numerous other high rise developments are planned or already under construction.
Franklin Street is also in the centre of Melbourne’s education precinct, close to RMIT, Melbourne University and many private college campuses. “The surge of international students into Melbourne has also led to the development of world-class accommodation facilities, the majority of which are centred around this northern CBD precinct.”
The property is also set to significantly benefit from the proposed $250 million renewal of the Queen Victoria Market and surrounds. It is adjacent to the proposed $450 million Munro site project that will comprise a 300-unit apartment tower, an 80-room hotel, car parking and a childcare facility.
Prahran Post Office sells for $13.38m: Founder of construction group Probuild, Phil Mehrten sold the former Prahran Post Office site on the corner of Greville Street and Macquarie Street for $13.38 million, having paid $9.1 million for the asset five years ago.
It is utilised as the Australasian head office of GoPro, and is also leased to steakhouse Angus & Bon and the College of Intensive Care Medicine, trading at a 4.5% yield.
Disclosure: The weekly Fitzroys Property Wrap is for information only on transactions in the Melbourne property market. Fitzroys provides this information as a public service. We are not purporting that all sales and leases within this report were transacted by Fitzroys.