A strategic site in Melbourne’s growing Southbank secured with a proposed development scheme of a 40-level building has been purchased by a Malaysian developer.
Colliers’ Leon Ma, Oliver Hay, Daniel Wolman and Matt Stagg, in conjunction with JLL’s Jesse Radisich, Josh Rutman, David Hill and MingXuan Li, transacted the site currently comprised by a modernised three-level office building.
Colliers’ Director, Asia Markets, Melbourne City Sales, Leon Ma, said demand had been driven by the 1,597 sqm site’s prime location and future development potential, leading to a competitive EOI campaign.
“We received multiple offers from owner-occupiers, developers and value add buyers, based locally and offshore,” said Mr Ma.
“Situated within a highly flexible Capital City Zone, 190 City Road provides an opportunity for various uses, including residential, hotel, build-to-rent, co-living, office and more. The proposed development scheme of a 40-level tower with 308 residential apartments has been designed by renowned architects Rothelowman,” Mr Ma added.
The site is strategically connected to all parts of Melbourne through its walkability to the CBD, Flinders Street Station, Southern Cross Station, and trams along St Kilda Road.
JLL’s Jesse Radisich said 190 City Road is positioned within a precinct of recent development success, with surrounding projects including the Eureka Tower and Australia 108.
“Southbank has long been a favoured development location for both local and off-shore developers, and despite some of the challenges presented with the site specifically, as well as the broader market, the result achieved is a stong testament to the long-term confidence being placed in the market by some of the biggest property groups”, said Mr Radisich.
“The revitalisation of the arts precinct will bring increased tourism and foot traffic to the area and will no doubt add tremendous value to the future development of 190 City Road,” Mr Radisich concluded.
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