The Urban Developer
AdvertiseEventsWebinarsUrbanity
Industry Excellence
Urban Leader
Sign In
Membership
Latest
Menu
Location
Sector
Category
Content
Type
Newsletters
Urban Leader Awards Logos RGB White
NOMINATIONS CLOSE SEPTEMBER 12 RECOGNISING THE INDIVIDUALS BEHIND THE PROJECTS
NOMINATIONS CLOSING SEPTEMBER 12 URBAN LEADER AWARDS
LEARN MOREDETAILS
TheUrbanDeveloper
Follow
About
About Us
Membership
Awards
Events
Webinars
Listings
Resources
Terms & Conditions
Commenting Policy
Privacy Policy
Republishing Guidelines
Editorial Charter
Complaints Handling Policy
Contact
General Enquiries
Advertise
Contribution Enquiry
Project Submission
Membership Enquiry
Newsletter
Stay up to date and with the latest news, projects, deals and features.
Subscribe
OtherStaff WriterTue 01 Sep 15

Melbourne's $100 Million Car Park Sale

TUD+ MEMBER CONTENT
1
SHARE
print
Print

More than 1,000 car bays with a value of more than $100 million are up for grabs as part of the biggest car park sale in Melbourne's CBD for over a decade.

Colliers International’s Matt Stagg, Daniel Wolman, Oliver Hay and Trent Hobart have been appointed to sell two major commercial car parks at 380-406 Queen Street (corner A’Beckett Street), Melbourne and 16-32 Leicester Street, Carlton.

“On its own, this portfolio is substantial and unique, but current market conditions elevate the offering to an unprecedented level," Mr Stagg said.

380 Queen Street is a large, 3,218sqm site that is home to a six-level commercial car park comprising 556 bays, constructed in 1987. Situated in a high profile location on the corner of Queen Street and A’Beckett Street, it also includes a 1,917sqm ground floor showroom and office.

16-32 Leicester Street is a 2,040sqm site comprising a six-level commercial car park with 454 bays, on the border of the Melbourne CBD.

380 Queen Street (feature image) is expected to attract interest in excess of $70million, while 16-32 Leicester Street (pictured) is estimated to sell for around $40million.[/caption]“The sale of the two properties comes at a time when the number of purpose-built commercial car parks throughout the Melbourne CBD and city fringe is rapidly reducing,” Mr Stagg said.

“A number of parking facilities have recently been or are scheduled to be demolished to make way for new residential and commercial developments.

“Combined with a proposal by Melbourne City Council to limit on-street parking, this has seen the cost of car parking dramatically increase in recent years. Therefore, commercial car parks are a rare and highly prized investment that provide excellent cashflow.”

Mr Wolman said the properties were both situated within a rapidly developing education and lifestyle precinct, close to RMIT University and the University of Melbourne.

“The location also provides immediate access to other CBD amenities including the Queen Victoria Market and Melbourne Central,” Mr Wolman said.

“The proximity of both sites to Queen Victoria Market, which is subject to a major revitalisation project being led by Melbourne City Council, would make the portfolio even more attractive to potential purchasers.”

Melbourne City Council is currently seeking expressions of interest from private sector developers for the mixed use development of the ‘Munro site’ directly adjoining the Queen Victoria Market. In October 2013, the council announced the largest investment in its history to renew the Queen Victoria Market, and the vision to create one of the world’s great market precincts.

“Both properties will be hotly contested by local and international investors and developers,” Mr Stagg said. “These buyers will recognise both the significance of a commercial car park portfolio investment opportunity of this size plus the huge underlying land areas and future development potential.

“The flexible zoning will enable a number of major development outcomes to be explored, including residential, commercial, student accommodation, hotel and education, subject to approvals.”

The car parks may be be purchased as a portfolio or individually. The portfolio is for sale by International Expressions of Interest closing Thursday October 8, 2015 at 3pm.

OtherResidentialOfficeHotelEducationAustraliaMelbourneMarketingSector
AUTHOR
Staff Writer
"TheUrbanDeveloper.com is committed to delivering the latest news, reviews, opinions and insights into the best of urban development from Australia and around the world. "
More articles by this author
ADVERTISEMENT
TOP STORIES
Stockland bumps up its apartment pipeline in melbourne and sydney
Exclusive

Stockland Re-Enters Density in $5bn Apartment Play

Renee McKeown
4 Min
Woolloongabba Precinct Vulture St
Exclusive

Brisbane Developer in Cross River Rail Compensation Tussle

Clare Burnett
4 Min
The Mondrian Gold Coast hotel's food and beverage is driving profits
Exclusive

Touch, Taste, Theatre: What’s Driving Mondrian’s Success

Renee McKeown
6 Min
Fortis’ display suites are designed as brand environments first, with tactile details and curated design to build buyer confidence before project specifics.
Exclusive

Relevant or Redundant: Will Tech Kill Display Suites?

Vanessa Croll
7 Min
Exclusive

Missing Heart: Why The Gold Coast Needs a CBD

Phil Bartsch
7 Min
View All >
The Adelaide purpose built student accommodation market is about to increase by 1058 beds with the State Commission Assessment Panel supporting two towers in the making.
Student Housing

Highrise Approvals Add 1000-Plus PBSA Beds in Adelaide

Renee McKeown
JQZ Parramatta EDM
Residential

JQZ Plots 10-Storey Addition to Parramatta ‘Auto Alley’ Plans

Clare Burnett
Stockland bumps up its apartment pipeline in melbourne and sydney
Exclusive

Stockland Re-Enters Density in $5bn Apartment Play

Renee McKeown
The property giant’s strategic shift to higher density is in full flight as details of two landmark projects are made pu…
LATEST
The Adelaide purpose built student accommodation market is about to increase by 1058 beds with the State Commission Assessment Panel supporting two towers in the making.
Student Housing

Highrise Approvals Add 1000-Plus PBSA Beds in Adelaide

Renee McKeown
3 Min
JQZ Parramatta EDM
Residential

JQZ Plots 10-Storey Addition to Parramatta ‘Auto Alley’ Plans

Clare Burnett
3 Min
Stockland bumps up its apartment pipeline in melbourne and sydney
Exclusive

Stockland Re-Enters Density in $5bn Apartment Play

Renee McKeown
4 Min
South Melbourne social housing precinct
Affordable & Social Housing

South Melbourne Housing Precinct Revamp Takes Next Step

Leon Della Bosca
2 Min
View All >
ADVERTISEMENT
Article originally posted at: https://www.theurbandeveloper.com/articles/100-million-plus-commercial-car-park-portfolio-market-wed