Pictured above: The Esplanade, Brighton
A beachfront site ripe for development in one of Melbourne's most sought-after residential suburbs, Brighton, will be hotly contested when it hits the market this week. Perched at the corner of The Esplanade and Wellington Street, with additional frontage to Victoria Street, the property boasts sweeping views over Port Phillip Bay, providing an unparalleled canvas for luxury development.
The 3,393 sqm property located at 150 Esplanade, directly adjacent to Brighton Beach, is also currently improved by a 60-room luxury accommodation and events facility (the Brighton Savoy) that includes a two-level basement car park for 80 cars.
This is the first time the property has been offered to the market in 55 years, with buyer interest likely to reflect pricing above $30 million. It is being taken to the market via a Private Sale campaign run by Stephen Kelly, James Thorpe and Langton McHarg of Knight Frank.
Mr Kelly said the property would attract a wide range of local, interstate and offshore buyers, with the location being the biggest drawcard along with the size and development potential of the site.
“We believe this property represents absolute prime real estate. It is incredibly rare to see a beachfront asset of this scale, in a suburb as exclusive and sought after as Brighton, hit the market, creating a genuine once-in-a-lifetime purchasing opportunity."
“There is also a large amount of inbuilt flexibility for purchasers given the extensive existing improvements which could be retained for a future development, or the buyer could start with a blank slate.”
Mr Kelly said the location of the property was unparalleled.
“Not only is it in one of Melbourne’s most desirable suburbs, it is also a corner allotment with three expansive frontages to The Esplanade, Wellington Street and Victoria Street, which when combined total over 175 metres.”
“Very, very rarely would anything of this magnitude in a location like Brighton become available for sale, with picturesque views over Port Phillip Bay, Brighton Beach, and back towards the Melbourne CBD. We are confident buyer interest will reflect the scarcity of an offering like this.”
View the property listing here.
