Entire North Melbourne block with rich history comes to market

13 February 2023

A truly unique offering on the doorstep of Melbourne’s CBD has come to market, with an array of existing buildings on site providing a village feel, sitting on an extraordinary 4,882sqm of land and providing endless possibilities.

JLL’s Capital Markets team of Jesse Radisich, Nick Peden, Josh Rutman and Mingxuan Li have been exclusively appointed to sell 579-599 Queensberry Street & 51-61 Curzon Street, North Melbourne via an Expressions-Of-Interest campaign on behalf of the Uniting Church in Australia.

The site benefits from three extensive street frontages to Queensberry, Curzon and Elm Streets totalling over 200m, and is home to an iconic bluestone church building complete with a 46-metre spire.

The offering provides a high level of flexibility for prospective purchasers, with interest expected to come from developers, investors and value-add players, as well as potential occupants for part or all of the site. The new owner could even reside in the historic eight-bedroom Manse built for the Church’s minister around 150 years ago, or convert the magnificent church building into a modern, designer home, offices or hospitality.

The other buildings on-site include residential terrace homes, residential units, a commercial building and spectacular character buildings. The buildings are currently returning approximately $361,320 per annum, with significant rental upside potential.

Mr Radisich said, “This is a truly special opportunity, not only providing over an acre of city-fringe land but also a number of high-quality residential, commercial and special use buildings, providing the benefit of significant current income and enormous upside potential”.

Both North Melbourne Train Station, as well as the under-construction Arden Train Station are within easy walking distance of the site, and trams also service Queensberry Street.

“North Melbourne is one of Melbourne’s most sought-after lifestyle, residential and commercial precincts, with future growth underpinned through the ongoing development of the nearby Arden Precinct which will be home to 34,000 workers and 15,000 residents, as well as the Melbourne Biomedical Precinct, which will attract 80,460 workers by 2036”, Mr Radisich added.

The site is also positioned moments away from the Errol Street retail strip, which is home to vibrant and trendy cafes, restaurants, supermarkets and convenience retailing.

Mr Peden said, “We don’t often see the opportunity to buy what really is an entire village in North Melbourne, and such a large landholding. The buildings provide an immense amount of value and opportunity, and could be incorporated into a broader development vision for the site.”

51-61 Curzon Street & 579-599 Queensberry Street is For Sale via an International Expressions of Interest Campaign, closing Wednesday 8th March 2023 at 2 pm AEDT.