Two prime Melbourne development sites to attract residential developers

Two development sites listed within the Melbourne CBD and surrounds are likely to attract residential interest given their location.

A Melbourne-based family have listed a corner freehold building at 144-148 A'Beckett Street, in the Queen Victoria Market Precinct which is to undergo a $1.7 billion redevelopment.

The building is being sold for the first time in over three decades.

Cushman & Wakefield and MMJ Real Estate are marketing the three-level building which currently comprises a prominent ground floor showroom, off street lockup side entrance, and open floor plates across levels one two and three.

Oliver Hay, Cushman & Wakefield’s International Director & Co-Head Investment Sales, VIC, believes one of the most significant advantages of this property is its proximity to the upcoming $1.7 billion Lendlease & City of Melbourne Queen Victoria Market redevelopment, set to be the largest urban renewal project in Melbourne. Just meters away, the building is poised to benefit directly from this transformative initiative.

“Adding to its appeal, the property is conveniently located a mere 250-metre walk from the advancing State Library Train Station, part of the $11 billion Metro Tunnel Project scheduled for completion in 2025. Melbourne Central Train Station and multiple tram routes on surrounding thoroughfares are also within easy walking distance” Hay said.

Interest is expected at over $8 million.

Cushman & Wakefield is also marketing what they are calling one of the last Melbourne city fringe corner sites of scale with panoramic views.

The site, across 60-80 Adderley Street & 133-137 Batman Street, West Melbourne, is ideally located for future development, on a north-facing corner wrapped by council laneways, future-proofing any development.

The warehouse site across Adderley and Batman Streets. Image supplied

The 1,420 sqm site currently comprises two warehouses, and comes with demolition clauses, allowing immediate development ability. 

Daniel Wolman, Cushman & Wakefield’s International Director & Co-Head Investment Sales, VIC said the strategically located mixed-use precinct surrounding Adderley Street & Batman Street is supporting the expansion of the Melbourne CBD and rapidly transitioning from a historically industrial area to a vibrant, charter-rich residential and business community.

“With its exceptional development potential, corner positioning, untapped scenic views, and diverse future possibilities, 'Batman and Adderley' is poised to attract a wide range of buyers seeking to capitalise on a future-proof location”.

The site is just over 100 metres from The Spencer Precinct, which has been earmarked as the dynamic 'main street' of West Melbourne.

Wolman said this strategic designation brings forth exciting prospects for new and existing businesses, attracting a diverse range of retailers, eateries, and service providers.

“The incorporation of essential retail amenities within all new developments within the Spencer Precinct guarantees a vibrant and convenient lifestyle for residents and visitors alike”.