Singapore-listed firm snaps up Flinders Street car park in Melbourne

A listed Singaporean company has bought a Flinders Street commercial car park for an undisclosed sum following a keen contest for the site with views towards Southbank and future development potential.

The 1,270 sqm car park at 380 Flinders Street was sold by Colliers International’s Daniel Wolman, Matthew Stagg and Oliver Hay on behalf of a family that held it for more than 30 years. 

The seven level, 315-bay car park is a purpose built facility, accessed via Flinders Street with two other entrances/exits to Foxton Lane and Tavistock Lane. It is managed by Secure Parking, with the top floor leased to AAPT for its fibre cabling network, as well as ground floor retail.

Wolman said the international expressions of interest campaign drew more than 150 enquiries from interested buyers across Australia, China, Singapore, Malaysia and Hong Kong.

The eventual purchaser was a listed company out of Singapore.

Wolman said the property had future development potential once leases expired. 

“The property is located next door to the former Fletcher Jones site at 1 Queen Street, which has a permit for 18 levels on only 746 sqm,” he said. 

“It overlooks the Yarra River, with views directly towards the Crown Casino precinct.”