Heritage Melbourne office property and former CBD horse stables sells to local developer for $8.5 million
The Melbourne CBD's last remaining heritage horse stables property has been sold to a Melbourne-based property developer for $8.5 million with plans for a $100 million apartment project.
The narrow 36-40 LaTrobe Street site, measuring 569 square metres, is the former premises of the Burton Livery and Bait Stables built in 1890, but more recently modified as offices, though still retaining its Victorian-era facade.
The site has a permit for an Elenberg Fraser-designed 35-level tower featuring 243 apartments (pictured below).
The sale was negotiated by Fitzroys agents Charles Emmett and Rob Harrington in conjunction with Daniel Wolman and Matt Stagg from Colliers International.
The sale price reflected a sales rate of $8,500 per square metre.
The sale continues a recent trend of strong East End sale prices over the past month such as the former Cancer Council site (circa $16m) and Glass headquarters at 50 LaTrobe St (circa $4.6m).
A further three prime development sites in the Melbourne CBD have been listed for sale as part of a $76 million portfolio divestment by Melbourne private investor Jimmy Goh through Colliers International’s John Marasco and Matthew Stagg, in conjunction with CBRE’s Mark Wizel and Josh Rutman.
The prized asset is expected to be the 3,197 square metre LaTrobe Street site comprising a 689-bay 10 storey commercial car park operated by Wilson Parking directly opposite Melbourne Central, the CBD’s largest shopping centre.
There are two ground floor retail tenancies fronting LaTrobe Street and three fronting Little LaTrobe Street, with a combined net lettable area of 852 square metres.
It is expected to sell for in excess of $40 million.
“This property has substantial development upside. It has the potential to accommodate several major high-rise buildings as well as providing enormous scope for multi-level retail tenancies. It will provide the successful buyer with an opportunity to create the Melbourne CBD’s next landmark building,” says Wizel.
“The East End of the CBD has proven to be a very popular precinct with residential apartment developers such as Chip Eng Seng who have recently sold out at 33M and PDG Corporation who are close to completing Abode,” said co-selling agent Daniel Wolman.
Recent sales in Melbourne’s ‘East End’ include the former Cancer Council site (circa $16m) and Glass headquarters at 50 LaTrobe Street (circa $4.6m).