370 Little Bourke Street, Melbourne
With Melbourne heaving during an AFL Finals series, a huge crowd turned out on a sunny September afternoon for the Fitzroys auction of a six-level, 100% leased CBD trophy freehold anchored by an ASX-listed tenant, which sold for $9.95 million.
Fitzroys’ Lewis Waddell, Mark Talbot and Ben Liu sold 370 Little Bourke Street, known as Niagara House, with the campaign marking the first time in 27 years the property had been offered for sale.
The fully-leased property comprises 1,330sqm of building area, with outdoor gear retailer MacPac, a subsidiary of ASX-listed Super Retail Group, occupying the ground and basement levels. There are four levels of offices above.
The sale price reflected a sharp net yield of 3.9% – one of the tightest seen in Melbourne in 2025 – and a remarkably high land rate of $30,243 per sqm, also one of the highest seen in the city this year. The land rate easily surpassed the last Little Bourke Street sale land rate of circa $21,000 per sqm.
“Our campaign generated more than 100 enquiries from around Melbourne and Australia, and overseas, which led to competitive bidding between six parties in front of the huge crowd,” Talbot said.
“Investors from around Australia and overseas have recognised the rebound of Melbourne’s CBD. Confidence in the CBD is back and impressive, well-presented properties are in demand.
“Interestingly, interstate and offshore parties couldn’t compete with local capital. A local investor ultimately won out.
“Buyers were also attracted to the property’s strong anchor tenant and the scope for short-term rental uplift.”
On a unique triple-fronted, Capital City 1-zoned 329sqm site, the property is surrounded by Niagara Lane and Warburton Alley, and is located just a few metres away from the famous Hardware Lane hospitality and dining precinct, and the 24/7 Bourke Square Car Park, which has nearly 300 parking spaces.
Waddell said that investors and owner-occupiers noted this part of the city generates pedestrian traffic day and night from workers, residents and tourists, with Hardware Lane offering one of the CBD’s best dining and nightlife experiences.
“Melbourne’s CBD is seeing a hospitality resurgence and this property is ideally placed to capture the buzzing crowds that have returned to the city. We saw that first-hand with the huge auction turnout,” Waddell said.
Liu said the campaign generated broad interest from the market, with the property offering an array of potential outcomes.
“We had competition from investors and long-term owner-occupiers looking to value-add, part occupy or reposition. Each level is already strata-titled, allowing for future selldown options, which also attracted interest.”
He noted that the property is highly accessible, close to Melbourne Central station, multiple tram routes along Bourke, Collins, Elizabeth and Swanston streets, and bus routes along Queen Street.
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