Melbourne's Spencer Porfolio on the market

Melbourne's Spencer Porfolio on the market
Melbourne's Spencer Porfolio on the market

A number of high profile commercial sites on Melbourne's CBD fringe are up for sale.

Hume Partners has appointed CBRE Melbourne city sales to sell what is known as The Spencer Portfolio - four individual freehold properties with a combined land area of 7,896sqm, with expansive views to the CBD and Docklands.

The commercial properties, 83–113 Batman Street, 371 Spencer Street, 355 Spencer Street and 102 Jeffcott Street, comprise substantial commercial buildings and benefit from existing income in their current form, as well as significant redevelopment potential to accommodate a landmark high rise project.

CBRE’s Mark Wizel, who is selling the entire site together with Josh Rutman, Kiran Pillai, Julian White and Lewis Tong, said the property had significant potential to redefine West Melbourne’s residential market.

“This site – one of the largest to be offered this year – will transform the landscape at the Melbourne CBD’s western frontier, with the development of a premier residential development repositioning it as one of the city’s most sought after postcodes,” he said.

“The diversity of the offering will attract strong interest from a diverse pool of buyers, with its current income offering a secure investment, whilst also holding scope for a number of development opportunities.”

He said a number of larger state owned enterprises from mainland China were currently in the market with mandates for larger Melbourne sites that provide scale and the ability to stage a project over time.

“This includes groups like Wanda, R&F, Poly and Greenland, who have all made public their desire to acquire strategically located sites in and around the Melbourne CBD," he said.

Michael Crawford

Michael Crawford

Michael is the real estate reporter for western Sydney and loves writing about homes and the people who live in them. A former production editor and news journalist, he enjoys writing about real-world property purchases as well as aspirational buys and builds. Following a recent move from Sydney’s northern beaches, Michael now actually enjoys commuting.

Tags: 
Investment Commercial Sale

Comments

Be the first one to comment on this article
What would you like to say about this project?