One of the last corner freehold properties fronting Melbourne’s iconic Fitzroy Gardens is coming to market via an international Expression of Interest campaign.
Colliers’ Oliver Hay, Matt Stagg, Daniel Wolman, Leon Ma and Peter Bremner have been exclusively appointed to sell 1 Clarendon Street in East Melbourne, a prime corner with park frontage in Australia’s most expensive postcode.
The International Expressions of Interest campaign will close on Thursday June 2 at 12pm.
St Hilda House commands the north-western corner of Clarendon and Albert Streets and is interconnected to a two-storey rear 1980’s extension. The office building is complemented by on-grade car parking for 20 car spaces.
Underpinned by a flexible Commercial 1 Zoned landholding of 2,024 sqm, the offering provides the opportunity for endless development outcomes.
“Steeped in 115 years of history, the opportunity is unrepeatable and the building, irreplaceable,” Mr Hay said. “The property is truly dynamic in its use. Whether it be transformed into a high-end luxury residential development or boutique commercial building or retained as a family compound or private medical practice, the asset offers the capacity to capitalise on an array of future development outcomes (STCA).”
Poised at the edge of Fitzroy Gardens and the Melbourne CBD, East Melbourne is a unique prime pocket of real estate which offers a rich, balanced, and sophisticated lifestyle. Built around the lush green spaces of Fitzroy Gardens, East Melbourne has a demographic like no other – home to corporate businesses, leading medical institutions and Australia’s best sporting precinct.
Of late, the Gardens Precinct has been reshaped by the development of high-end luxury residential projects, such as The Address, Orchard Piper and The Eastbourne, which all overlook the gardens further west along Albert Street. There are only six undeveloped corner sites surrounding the Gardens Precinct, with 1 Clarendon Street representing the only site in excess of 2,000sqm.
“There are no other precincts in Melbourne that possess the level of exclusivity and superiority of East Melbourne whilst having direct synergies with the Melbourne CBD,” Mr Hay said. “It is a truly unique, trophy location that seldomly trades on the market.”
Mr Stagg added: “This site is in a league of its own and will be competitively sought after by developers looking to make their mark on the Gardens Precinct. The market has witnessed this pocket evolve and we know that this property will be a major part of that storey.
“This opportunity is one of only a handful of East Melbourne properties to come to market over the last two years and also comes at a time where Melbourne is reopening, international travellers and students are returning, and buyer confidence is rising.
“An integral piece of the prestigious Gardens Precinct, 1 Clarendon Street will be met with competitive demand from a mix of owner occupiers, investors, and developers.”
The Vendor will be represented by transaction manager Guy Ayres of Relae Property.
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