Investment Activity Returning to Melbourne’s CBD
As Melbourne reopens after lockdown, a Singaporean investor has spent around $65 million buying the landmark Louis Vuitton building in the city’s famous Paris End of Collins Street.
Built in 1886, the 4-storey building at 139 Collins Street, on the corner of Russell Street and next to the Grand Hyatt hotel, has a National Trust classification and was once home to private women’s club, the Alexandra Club.
Louis Vuitton prominently occupies the ground floor within the renowned luxury retail strip. Law firms and financial businesses occupy the levels above within the 1,633sqm building.
The vendors were the Kearney family, who sold city retail icon the Block Arcade in 2014 for circa $100 million.
Unprecedented Hampton Street Development Site
A generational opportunity to deliver a premium development in the heart of popular shopping and lifestyle strip Hampton Street, Hampton has come to the market.
Fitzroys agents Mark Talbot and Shawn Luo are marketing 466-476 Hampton Street, within the iconic Hampton Hill precinct, via Expressions of Interest closing Thursday 26th November at 4pm. The historic campaign marks the first time this property has come to the market.
The substantial 1,358sqm site offers rear access from both Mills and Willis Streets, and has exceptional frontage nearly 30m. Zoned Commercial 1, it offers a highly attractive DDD 012 Development Overlay promoting 4-storey developments, with potential to add further levels and capture bay views.
The site currently comprises 6 separate shops ranging from 75sqm to 94sqm, some occupied on monthly tenancies, others vacant, and 1 with a longer-term tenancy that is subject to a development clause.
“This is a genuine generational opportunity to acquire a site of this magnitude located within the popular Hampton Hill precinct,” Talbot said.
“The site’s attractive Commercial 1 zoning and size offer an unprecedented opportunity to deliver a premium project in the prime of Hampton Street, with the potential to develop a multi-level commercial, residential or mixed-use complex in one of Melbourne’s iconic shopping strips.”
Talbot added that the property also offers valuable holding income for land bankers and developers while they assess the site’s potential and plan any future projects, as well as value upside for investors.
“Accessibility and lifestyle amenity have become major attractions for residents and businesses looking for new locations during the COVID period, as the make-up of Melbourne’s working arrangements is reshaped.”
The site is located in the prime trading section of Hampton Street, surrounded by popular users including Discount Chemist, Westpac Bank, Family life, Bank of Queensland, Australia Post, BWS and a strong presence of established local traders. It is in close proximity to the high-performing Woolworths Supermarket and an abundance of public car parking nearby.
“We expect more Melburnians to be working from home and shopping locally over the long-term,” Talbot said.
“People across Melbourne have been reconnecting with their local communities. At the heart of these are Melbourne’s iconic shopping strips.
The location is well-serviced by public transport, with bus services operating along Hampton Street and the Hampton Train Station just 400 metres away.
Luo said the suburb has been attracting a younger demographic moving out of the affluent suburbs of Brighton and Beaumaris along the bay, increasing demand for medium and high-density residential projects along and in the immediate vicinity of the strip.
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