Flinders Street corner with approved 24-level residential permit hits the market

Colliers have been exclusively appointed to market the corner of Flinders Street and Highlander Lane in the Melbourne CBD; permit approved for a luxury residential development overlooking the Yarra River.

The 352 sqm site at 490 Flinders Street & 1-9 Highlander Lane features a high-profile triple street frontage of 49+ metres, allowing for easy access for construction. Colliers Matt Stagg, Nick Garoni, Jozef Dickinson and Aaron Choong are appointed to conduct the Expressions of Interest campaign, which closes Thursday 20 June at 3 pm (AEST) and is expected to achieve a sale price of $12 million.

Located at the foothold of the CBD, the property is in a 24-hour, high-growth precinct supported by a strong office and employment hub by day, a hospitality destination at night, and home to a rapidly increasing permanent residential population.

The leisure and travel market in this location is also prominent with its immediate proximity to Crown Casino and Southbank Promenade, Melbourne Convention and Exhibition Centre, and further to Marvel Stadium and the sporting precinct that hosts some of Melbourne’s most noteworthy events.

Colliers, Head of Investment Services – Victoria, Matt Stagg, said “The permitted project is well advanced, offering an approved building envelope, positioned to capitalise on the premium view lines over that Yarra River and the high-end amenity stemming from the Rialto precinct – 75m away,”

“We expect both local and offshore build-to-sell developers to compete for the site, as apartment pre- sales rates are improving across Melbourne. Population growth estimates show Melbourne to have the largest forecast migration of all the capital cities in Australia in the next 10 years”.

The approved permit offers a proposed total gross building area of 6,673 square metre, with a Metier3 designed luxury residential outcome for 35 full and half floor apartments, with an average internal area of 142 square metres.

Colliers National Director of Residential, Jozef Dickinson added, “Melbourne’s CBD development sites are attracting a far more diverse buyer profile and encapsulating Build-to-Rent, Co-living, PBSA and of course the traditional Build-to-Sell.”

“We anticipate this site to attract significant institutional capital from the living sectors with the stabilisation of the LIV Munro asset and proof of concept in this sector, coupled with the emergence of sub-sectors such as Co-Living which would be very well suited to this location.”

Nick Garoni, Senior Executive at Colliers Melbourne City Sales, added that property could also be pivoted towards other commercial outcomes.

“The site is in a diverse, high-profile pocket within the Melbourne CBD surrounded by some of the most high-profile corporate tenants in the CBD. Given the sheer scale of population in this location and the constant evolution of this area, the existing building would even be suitable for hospitality, occupation, or retail use.”