South Melbourne Freeholds Sold on Consecutive Days

279 Coventry Street, South Melbourne

Two vacant South Melbourne commercial properties have been sold over consecutive days for a total of $3.475 million, as investors and owner-occupiers alike pursue assets in the sought-after city fringe locale. 

Fitzroys’ Chris Kombi and Tom Fisher managed the respective sales of 279 Coventry Street and 442 Clarendon Street. 

“Both properties attracted strong enquiry from a mix of investors and owner-occupiers due to their condition, flexibility, and location,” Kombi said. 

“South Melbourne is one of Melbourne’s most sought-after suburbs. It offers established and fast-growing residential and commercial markets, and excellent accessibility via multiple tram routes and main roads, with plenty of parking.” 

Kombi and Fisher sold 279 Coventry Street via Expressions of Interest for $2.24 million, on a very high land rate of $17,683 per sqm. Comprising a double-storey building of 125sqm, the property was offered with a short-term lease profile. 

“Coventry Street is one of Melbourne’s most buzzing lunchtime strips. More people are wanting to be part of it,” Fisher said. 

442 Clarendon Street sold under the hammer the following day to an interstate owner-occupier for $1.235 million. The 135sqm building was offered with vacant possession. 

“Our campaign generated interest nationwide, with buyers around the country recognising the excellent location of South Melbourne and its strong fundamentals,” Fisher said. 

On the edge of the CBD, the properties are close to the South Melbourne Market and superbly located amongst a range of lifestyle amenity and strong mix of recognised local and national operators along the popular Clarendon Street shopping and lifestyle strip that includes Coles, Woolworths, Dan Murphys, Vintage Cellars, Bed Bath N’ Table, Hector’s Deli, Fishbowl, Betty’s Burgers and all major banks. 

Fisher said an array of recently-completed first-class office developments in the area includes 101 Moray, BVIA on BANK, The Terraces and Market Lane, and has boosted the area’s worker population. 

“The growth of office workers in the surrounds has come at the same time as a surge in the local residential population, with high-density living being built in South Melbourne, Southbank and the adjoining Fishermans Bend precinct.  

“These are underpinning trade and attracting investors and owner-occupiers. 

“Melburnians want to live, work and play in highly accessible locations with great lifestyle amenity, and South Melbourne ticks all the boxes.”