Diabetes Victoria is offering for sale their long-term headquarters at 570 Elizabeth Street.
The property is being marketed by Colliers Melbourne City Sales Oliver Hay, Matt Stagg, Daniel Wolman and Leon Ma with Charter Keck Cramer acting as Transaction Adviser. The property is For sale by International Expressions of Interest closing Tuesday 5th July at 12pm and is anticipated to sell for more than $12 million (Excluding GST).
Owner-occupied by Diabetes Victoria since 2001, the property comprises a two-storey retail showroom and office with a total building area of 1,258 sqm*. The existing building offers naming rights making it ideal for retail and commercial owner occupiers and tenants seeking a prominent city fringe position.
The site is rectangular in shape with a land area of 711m2* and dual street frontages to Elizabeth Street (18.00m) and Berkley Street (18.00m). The property benefits from flexible Capital City 5 zoning with a preferred 40 metre limit enabling a variety of development outcomes to be explored including commercial, residential, build to rent or student accommodation (STCA).
Selling agent Oliver Hay said, “Elizabeth Street is a Melbourne’s most prominent CBD corridor linking the Melbourne CBD to the Parkville Education and Medical and Biomedical Precinct.”
The northern boundary of the Melbourne CBD is anchored by Queen Victoria Market, Melbourne Central and RMIT University. The Parkville end of the Elizabeth Street corridor is home to world-renowned Royal Melbourne Hospital and Royal Children’s Hospital. This location will be further enhanced by the development of a cutting-edge Biomedical Precinct backed by State Government Victoria and 40 Precinct Partners including CSIRO and University of Melbourne.
Mr Hay continued, “The concentration of major public infrastructure assets and billions of dollars of investment in new projects at both ends of the Elizabeth Street corridor has attracted private investors, owner occupiers and developers from a variety of sectors seeking to leverage from this dynamic location.”
Major private development projects throughout the precinct include Mirvac’s BTR Community Hub at the Queen Victoria Market, PDG Corporations new CLS headquarters at 611 Elizabeth Street and University of Melbourne’s Carlton connect project.
Public transportation along Elizabeth Street is readily available via tram and will be further enhanced upon completion of the new Melbourne Metro via Melbourne Central Station and Parkville Station scheduled for 2026.
Mr Stagg added “investment in the Elizabeth Street corridor is not slowing down. The wave of high-profile development, urban renewal projects and investment has positioned properties within this precinct for strong capital growth. However, opportunities such as 570 Elizabeth Street, Melbourne are becoming increasingly scarce.”