Melbourne mini-suburb Montague prepares for first commercial auction

Jonathan ChancellorApr 16, 2013

A Montague precinct redevelopment holding is set to go under the hammer in the first auction since the area was zoned Capital City One (CCZ1).

Lemon Baxter has 125-133 Thistlethwaite Street (pictured below) scheduled for April 24 auction.

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It's a 1,211-square-metre site with 27.5 metres of street frontage.

“The site represents an unprecedented future high rise development in the heart of the Montague precent,” says Lemon Baxter’s Richard Hutton.

Victorian planning minister Matthew Guy rezoned 240 hectares in South Melbourne  and Port Melbourne last year into four CBD-style mini-suburbs – Montague, Lorimer, Sandridge and Wirraway – to be the future homes of 50,000 residents.

Since re-zoning, plans have been proposed for six sites in the Montague area, which is close to the CBD and transport links.

The Thistlethwaite Street offering provides purchasers a property with a short-term lease allowing the value add potential of a high-rise permit.

The site is two buildings – warehouse and office – over three titles.

Jonathan Chancellor

Jonathan Chancellor is one of Australia's most respected property journalists, having been at the top of the game since the early 1980s. Jonathan co-founded the property industry website Property Observer and has written for national and international publications.