Prime bluechip retail investment in the heart of Collins Street hits the market

27 February 2023

Colliers agents Matt Stagg and Tim McIntosh have exclusively been appointed to bring a prime bluechip retail investment in the heart of Collins Street to market and is expected to attract interest in excess of $25 million.

The two storey plus basement building is fully leased to five high-quality retail and healthcare tenants, anchored by OPSM and provides a diversified passive income stream.

Colliers’ Director of Investment Services, Matt Stagg, said the property benefits from high pedestrian exposure being situated at the epicentre of the financial and luxury retail precinct.

“The property benefits from dual street frontages to Collins Street and Manchester Lane, with Manchester Lane set to gain even more exposure, acting as a cosmopolitan CBD thoroughfare linking Collins Street to the new Town Hall Train Station entrance, scheduled for completion 2025,” Mr Stagg added.

Mr McIntosh said, “The property is expected to generate strong interest from domestic and international high net worth private investors seeking a bluechip investment on Collins Street, renowned as Melbourne’s most prestigious and sought after street by both luxury retail teants and investors.”

Mr Stagg added, “Collins Street properties are very tightly held and viewed as intergenerational investments by high net worth families and investors. 239 Collins Street has been owned by one private owner and has not traded in more than 30 years.”

Supporting the future opportunity of retail investment, such as 239 Collins Street, is the continued growth of the retail sector in Australia’s CBDs.

“The volume of retail activity in our CBDs has bounced back, and with a continued concerted effort from both governments and businesses to reactivate our nation’s CBDs, we expect the full recovery to occur in 2023,” Colliers’ Associate Director of Research Nik Potter explained.

“The return of International tourism, which is currently close to 70 per cent of pre-pandemic levels, is also supporting the retail recovery in our CBDs,” Mr Potter concluded.

239 Collins Street is offered for sale via International Expressions of Interest campaign closing at 12 pm (AEST), Thursday 30th March 2023.