467 and 469 Chapel Street, South Yarra
Two Chapel Street, South Yarra freeholds are headed for a September auction, presenting the chance to invest, occupy, land bank and develop in the prime of Australia’s most famous shopping strip and opposite the forthcoming $3.75 billion Jam Factory redevelopment.
Fitzroys’ Chris James and Lewis Waddell are marketing the neighbouring freeholds at 467 and 469 Chapel Street, South Yarra on behalf of private development and investment group Sterling Global. They are heading to consecutive auctions from 11am on Friday, 19 September.
Expectations for each are of mid- to high-$1 millions.
Sterling Global is now marketing its major lifestyle development at 623 Collins Street in the Melbourne CBD, 623 Collins State Bank House1.
The well-presented two-level freehold at 467 Chapel Street property is offered with vacant possession, and comprises a 188sqm building on 167sqm of land. Number 469 is a 192sqm building on a 173sqm site and is leased to Portuguese jewellery and homewares retailer and café Gold Over Blue, returning $88,400 with all usual outgoings recovered.
“It’s a nicely-proportioned, consolidated land parcel of 340sqm in a strategic location nearly directly opposite the upcoming $3.75 billion Jam Factory redevelopment,” James said.
“Each property is well-priced, comes with off-street parking, and offers strong value-add potential.”
They are in a high foot traffic position near an array of renowned national and independent traders including Rustica, Declic, Scanlan Theodore, Kookai, D-Spa, Decjuba, M.J. Bale, Peter Alexander and more.
“We’re expecting broad interest from the market – occupiers, investors, family offices and developers – as the suburb moves through the next phase of a generational development boom,” James said.
“The Jam Factory redevelopment is set to reshape in Australia’s most famous shopping strip, delivering new commercial, retail and hospitality space, 886 apartments, two hotels and a new cinema complex.
“The sizeable increase in local residents, office workers, shoppers and tourists to the immediate area will provide a huge boost to trade and activity along the strip over the long-term.”
Gurner and Qualitas received approval from the City of Stonnington in late July for its updated plans for the project.
South Yarra businesses have benefited in recent years from intensive residential and commercial development in the suburb, namely in the Forrest Hill precinct.
Waddell said, “Well-located, highly accessible Melbourne shopping strip assets provide excellent investment and trade prospects.
“Chapel Street, South Yarra is home to a vibrant offering of fashion, food and fun that has made it Australia’s most famous shopping strip. These properties are in a prime position in the strip and offer excellent long-term prospects.”
He added that one of the key indicators to success of shopping strip is accessibility.
“There is excellent public transport amenity with trams running along Chapel Street, as well as Toorak Road and Malvern Road, and the recently upgraded South Yarra Station to the north,” he said.
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