Seven high-profile freehold properties with street frontages to the bustling Russell Street and Lonsdale Street have been snapped up by V-Leader in a single deal.
Colliers’ Oliver Hay, Leon Ma, Daniel Wolman and Matt Stagg transacted the assets in one-line through a competitive expression of interest process that attracted many potential buyers, particularly drawn to the site’s location and future potential.
The seven combined sites sit on a land parcel of approximately 1,137sqm and come with an impressive street frontage of over 100meters.
Colliers’ National Director, Melbourne City Sales, Oliver Hay, said the result of this campaign has once again proved the insatiable demand for prime parcels of land in the Melbourne CBD.
“There’s a large amount of capital from investors and developers wanting to take advantage of the limited supply of land in the CBD. Demand has flooded in from local, interstate and offshore groups and created a competitive atmosphere amongst buyers seeking quality land parcels, with considerable opportunity waiting to be unlocked,” said Mr Hay.
The prime location further underpinned the extensive interest in the site, with the East End has experienced a surge of significant projects, including the state-of-the-art Wesley Place office precinct by Charter Hall and the new Shangri la Hotel. It has also become home to Melbourne’s most premium residential, hotel and commercial developments.
“Being surrounded by many of the CBD’s largest institutional grade developments, there’s opportunity to capitalise on the evolving East End precinct and explore a range of development outcomes,” said Leon Ma, Colliers Director, Asia Markets, Melbourne City Sales.
V-Leader’s Managing Director, Andy Zhang said “We’re delighted with the acquisition as it allows V-Leader to grow our Melbourne CBD profile into a new segment within the East End.”
“We’ve spent a considerable amount of time analysing the various options and given the sites proximity to an abundance of amenity, the location instils an opportunity for a variety of uses. We’re considering a mixed-use project with the exact outcome to be solidified over the coming months” Mr Zhang added.
The sale of the seven sites adds to the significant number of high-profile transactions conducted by Colliers in the Melbourne CBD this year. Including the $43million sale of 422 Little Collins Street, the former Swinburne University campus at 226 Flinders Lane for $37million, 170 Queen Street, which sold for $29.58million and 175 Flinders Lane for $25.2million.
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