102 York Street, South Melbourne
A rare offering in a coveted blue-chip location within one of Melbourne’s most in-demand commercial and residential precincts is on the market.
Fitzroys’ Chris Kombi, Tom Fisher and Mark Talbot are marketing 102 York Street, South Melbourne on behalf of a private owner who has held the property for over 30 years.
The Expressions of Interest campaign closes Thursday, 17 September at 3pm.
Price expectations are of $5 million-plus.
The property is on a Commercial 1-zoned landholding of 834sqm with a prominent 16.53m frontage to York Street and rear access from Clarendon Street, positioned between the popular Clarendon Street lifestyle strip and the famous South Melbourne Market.
It is improved by a quality two-level office building of 776sqm with flexible floorplates, dual entrances, and 12 on-site car spaces.
“We’re expecting interest to come from owner-occupiers, developers and land banking investors, given the rarity of the offering in this blue-chip location within the heart of one of Melbourne’s fastest-evolving and most in-demand suburbs,” Kombi said.
“Vacant possession makes this offering ideal for owner-occupiers, who have the chance to acquire a quality building with 12 car spaces surrounded by excellent hospitality and lifestyle amenity, and immediately come in and make it their own.”
He said the property suits a number of uses, from office, to showroom retail, through to wellness and healthcare.
Fisher said land banking investors have the flexibility to utilise the building as a single- or dual-tenancy asset, with South Melbourne in hot demand from a range of businesses, and capture a strong rental income while assessing their options.
“A huge number of tenants are looking for a home in South Melbourne, which ticks all the boxes as a highly accessible and vibrant work and lifestyle location, and which is in line to be Melbourne’s next Cremorne.”
This sought-after precinct is bookended by the South Melbourne Market, a beloved institution which attracts over 5.5 million visitors annually, and the popular Clarendon Street shopping and lifestyle strip – which includes Coles and Woolworths supermarkets – which together with adjacent Cecil Street and Coventry street host a diverse mix of national tenants, boutique retailers, specialty stores, cafés, eateries and restaurants,
Close to Albert Park Lake and the Royal Botanic Gardens, the site enjoys proximity to Melbourne’s most iconic green spaces and cultural landmarks, including the Arts Centre, NGV, and Southbank’s entertainment precinct.
“Developers have the opportunity to create South Melbourne’s next premium residential, office and retail project. The substantial land size and favourable Commercial 1 zoning offer various developmental outcomes, and DD08 controls support high-density outcomes (STCA),” Talbot said.
The property is surrounded by an array of recently completed and under construction mixed-use developments including Emerald Place by Lowe Living (nine levels), Market Street (nine levels) and 122 Moray by Fortis (nine levels).
“Recent completed developments have all enjoyed strong take-up. More people are wanting to live, work and play in South Melbourne,” Talbot added.
South Melbourne also has a front-row seat to the evolution of the adjoining Fishermans Bend precinct – Australia’s largest urban renewal project, which is forecast to be home to around 80,000 residents by 20551.
“The huge population growth forecast for the area will underpin demand for residences, office space and retail trade in South Melbourne for years to come,” Kombi said.
Importantly to tenants, traders and residents, the area is very well-connected. Within walking distance are tram routes along Clarendon Street, Ferrars Street, Park Street and St Kilda Road, and there is easy vehicular access via Kings Way linking to Queens Road, St Kilda Road, and major arterials including CityLink, West Gate Freeway, the South Melbourne Light Rail and Monash Freeway.
Close by in South Melbourne, Fitzroys recently sold the landmark corner site at 131 Cecil Street & 304 Coventry Street, directly opposite the Market, to an investor for $17.25 million on a high land rate of $12,402 per sqm; as well as the prominent office property at 168-174 Dorcas Street to a land banking investor for $5.51 million.
1 https://www.vic.gov.au/fishermans-bend
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