Permit-Approved Melbourne Development Site in the Heart of Brunswick Hits the Market | JLL

A high profile, inner-city site with planning approval for 56 apartments and prime retail space offers unmatched development potential

A landmark development opportunity in one of Melbourne’s most vibrant inner-city locations has hit the market, at 241–245 Brunswick Road, Brunswick available for purchase via International Expressions of Interest.

JLL’s Jesse Radisich, Maddie Pizzey and Mingxuan Li have been exclusively appointed to market the approximately 1,179sqm landholding in the heart of Brunswick’s bustling retail and hospitality district.

“This is a compelling opportunity within Melbourne’s inner north. It’s quite rare to find a site of this scale with a permit in place in such a well-established location like Brunswick,” Mr Radisich said.

“Zoned Commercial 1 and strategically positioned opposite Princes Park and Mirvac’s new development, this location offers great potential for developers, considering the ongoing improvements in local amenity. At just 4 kilometres* from Melbourne’s CBD, 241-145 Brunswick Road presents an attractive prospect for those with ambitions of capitalising on this strategic location.”

The site comes with planning approval for a mixed-use development designed by leading architecture firm Cera Stribley. The approved plans comprise nine levels of premium apartments and ground-floor retail, including 56 apartments, and 312sqm of boutique retail space, providing for total Net Saleable Area (NSA) of roughly 5,306sqm. The plans also incorporate 59 car parking spaces and 73 bike spaces.

“Currently improved by a warehouse-style building generating holding income of approximately $66,000 per annum, the property offers flexibility for buyers to generate returns in the short term while planning their next move,” Mr Radisich said.

Rear laneway access via McDougall Street enhances the site’s development potential, alongside an approximate 27-metre frontage to Brunswick Road.

Ms Pizzey highlighted the site’s vibrant location.

“The site is surrounded by an eclectic mix of popular venues including The Wild Geese Hotel, Code Black Coffee, Barkly’s Kitchen and The Cornish Arms Hotel. It’s also conveniently located just moments from Barkly Square Shopping Centre, with Woolworths, Coles and a wide variety of major retailers.”

“The lifestyle credentials are further bolstered not only by proximity to Princes Park, but also Royal Park, Clifton Park, the Melbourne Zoo, the University of Melbourne, RMIT Brunswick and the Royal Melbourne Hospital. Brunswick’s residential profile has also elevated to new heights with Mirvac’s construction of a high-end residential project fuelling demand for similar offerings within the precinct” she said.

Public transport connectivity is outstanding, with trams servicing Sydney Road directly opposite the property and Jewell Train Station approximately 280 metres away. CityLink is also easily accessible, linking the site to surrounding suburbs and the Melbourne CBD.

Ms Pizzey said the campaign is expected to attract strong interest from both domestic and offshore groups, given the permit-approved development scheme, flexible zoning and highly-sought after location.

241-245 Brunswick Road, Brunswick is For sale by International Expressions of Interest closing Thursday 15 May at 2pm (AEST).

*Indicates approximate