For Sale: Victoria Corner, 79-81 Victoria Parade, Corner Wellingston Street, Collingwood

Corner The Market: A must-have inner-city Melbourne residential and mixed-use redevelopment opportunity.

Colliers and CBRE have been engaged by Henkell Brothers Investment Managers to offer for sale a trophy office building and future development site at 79 – 81 Victoria Parade, Collingwood.

The prominent corner building is the long-term headquarters of Jetstar Airways – Australia and is being offered to the market for the first time since 1997.

Located on the corner of Wellington Street, the landholding overlooks the East Melbourne parklands and the Melbourne Cricket Ground, offering uninterrupted CBD skyline views.

Colliers is represented by Jozef Dickinson, Matt Stagg and Philip Heberling while CBRE is represented by Trent Hobart, Nathan Mufale and David Minty.

The building is for sale via an International Expressions of Interest campaign closing Friday 30 August at 2:00pm (AEST) with price expectations of more than $65 million (excluding GST). 

The building is maintained to a high standard as evidenced by its 5-star NABERS rating and includes a 227 bay* undercover commercial car park managed by Care Park as well as a separate gymnasium.

The property is fully leased and provides an excellent holding income. The three tenancy agreements are strategically structured with aligned final expiry dates and no further options, to provide the new owner with vacant possession in 2027 and enable redevelopment of the whole site.

Jozef Dickinson, Colliers National Director, Residential Development Sites, said, “Victoria Corner represents one of the best redevelopment opportunities in Melbourne’s sought after city fringe. This 5,241m2* corner site is capable of mixed-use redevelopment, including high density residential, and has been a unicorn in this location for a long time. This is the perfect site that fuses East Melbourne luxury with chic Collingwood, coupling with some of the best view lines back to the CBD skyline, MCG and stunning parks in between.”

Trent Hobart, CBRE Senior Director – Head of Development, added, “This site is destined to gain the attention of the full local, national and international developer market. It’s the last corner site of over 5,000 with a sought after Commercial 1 Zone that allows residential and mixed-use development, that would likely include luxury residential apartments, build-to-rent, hotel and/or retail showroom space.”

Nathan Mufale, CBRE Director, Metropolitan Investments, said 79 – 81 Victoria Parade was located directly opposite the Saint Haven wellness centre, within walking distance of the rapidly regentrifying Smith Street entertainment precinct, and was only 1.5 kilometres from the East End of the Melbourne CBD.  It is well serviced by public transport, with the Victoria Parade tram providing direct access to Parliament and Collingwood train Stations. 

Matt Stagg, Colliers’ Head of Investment Services, Victoria, said, “The Victoria Parade corridor has experienced a renaissance in development activity precipitated by investment from the private sector. This investment has led to the realisation of significant developments which have contributed to a dynamic and emerging built character supported by activity at the street edges and high-quality architecture. This has attracted significant investment and development into the precinct from a variety of sectors including commercial, residential, healthcare, education and retail showroom.”