A two-storey Flinders Street freehold is on the market for the first time in 41 years

28 June 2024

Situated in the heart of the CBD, 524 Flinders Street has been brought to the market by Colliers, via expressions of interest closing at 2pm Wednesday 10th July 2024 (AEST). Colliers Investment Services’ Matt Stagg, Nick Garoni, Ted Dwyer, and Yvonne Zhou are running the campaign with expectations of around $10 million.

The warehouse/office space is renowned for hosting numerous events, from warehouse sales, product launches, weddings and private events. The offering is fully let until 2025 to longstanding tenant “524 Flinders”, who have operated the event space for over ten years. The freehold is being offered for sale for the first time in 41 years, offering a rare entry point to this sought-after location at the gateway to the Melbourne CBD.

Colliers’ Head of Investment Services Victoria Matt Stagg said that 524 Flinders Street positions itself as a flexible asset primed for investment, occupation, value-add or redevelopment.

“This prominent CBD freehold lends to a range of future uses, including office, hospitality, hotel, education, residential or any mixed-use combination,” Mr. Stagg added.

The modern internal event and office space of 635 sqm* has a modern blank canvas feel with polished concrete floors and exposed timber. Underpinned by a 390sqm* land parcel with a triple frontage of 55+ metres on the corner of Flinders, Katherine & Mercantile, the property benefits from future development upside in a vibrant and gentrifying pocket of the CBD. Sand Hill Road is redeveloping the Waterside Hotel on the corner of Flinders & King Street, just 25 metres away.

Colliers Melbourne City Sales Senior Executive Nick Garoni concluded “The under construction $27 million Waterside Hotel project will be a catalyst for further development and uplift in this pocket of the Melbourne CBD, which is known for its 24-hour economy.

“The proposed 6-level redevelopment of the hotel to accommodate almost 1400 patrons, will generate significant additional foot traffic and drive ancillary tourism, hospitality and hotel demand in this precinct of the CBD which is well connected to noteworthy places of interest such as Crown Casino and major sporting events, which are hosted nearby.”