The Highlander, Melbourne development site hits the market

The development site of the recently launched The Highlander, one of the first Melbourne CBD towers to be launched for several years, has hit the market.

The 352 sqm site at 490 Flinders Street and 1-9 Highlander Lane comes with approved plans for a 24-level tower designed by Metier 3. 

Singaporean investment firm Havenport Investments had been seeking to develop the building that has 35 apartments, a ground floor with a residential lobby, a cafe, retail spaces, a basement level with a car stacker for 10 vehicles, bicycle parking, and site services.

Colliers is expecting the site to sell for around $12 million. 

Colliers, Head of Investment Services – Victoria, Matt Stagg, said the permitted project is well advanced, offering an approved building envelope, positioned to capitalise on the premium view lines over the Yarra River and the high-end amenity stemming from the Rialto precinct that is around 75 metres away.

“We expect both local and offshore build-to-sell developers to compete for the site, as apartment pre-sales rates are improving across Melbourne," Stagg said.

"Population growth estimates show Melbourne to have the largest forecast migration of all the capital cities in Australia in the next 10 years”.