The opportunity to acquire a 6,202sqm parcel of land on the doorstep of the CBD is a very rare opportunity.
Queens Bridge Place, located at 87-127 Queens Bridge Street, Southbank represents years of work consolidating this collection of development sites and obtaining a global scale approval with the renowned tier one architecture firms Cox and Fender Katsalidis.
An International Expressions of Interest sale campaign has commenced and is being run by Colliers International agents Trent Hobart, Rob Joyes and Jozef Dickinson, and JLL agents Josh Rutman, Leigh Melbourne and Piers Jalland, with the EOI scheduled to close November 19, 2020, at 3pm.
With a combined 199m of prominent street frontages along Queens Bridge Street and City Road, the site lies at the heart of Melbourne’s most prestigious lifestyle and amenity destinations, with Southbank Promenade and Crown Melbourne at the doorstep, while being an easy walk into the heart of the CBD, including being only 550m metres to Flinders Street Station.
Following several direct approaches to the vendor, the owner Sheng Le Group have decided to sell a 100% interest in the permitted project that has over 73,000 of Net Saleable Area and an end value of circa $900million. Residential developers Build to Rent and mixed-use office / residential developers are anticipated to compete for this project.
“Large scale mixed use sites that can integrate retail, office, hotel and residential in precincts with great retail, lifestyle, office and transport amenity are increasingly rare. Queens Bridge Place has the potential to follow other nearby successful mixed use developments including Freshwater Place, the $200mill sale of 7-23 Spencer Street to Mirvac, the current transaction of Treasury Square and the recent successful completion of Collins Arch.” Said Rob Joyes Colliers International National Director – Capital Markets and Office Leasing.
Leigh Melbourne, JLL Executive Director of Capital Markets, added to that comment by stating that the vendors had consolidated multiple sites to create a landmark precinct.
“After multiple off-market approaches, Sheng Le Group are excited to bring to the development opportunity to market to allow the project to continue its evolution into no-doubt one of Melbourne’s newest landmarks.
With infrastructure investment in the area totalling billions of dollars, including the City Road Master Plan and the Metro Tunnel Project, Southbank’s future is bright and will directly benefit from this new development upon completion.
“Melbourne’s market outlook remains incredibly strong despite the recent COVID-19 restrictions, and our residential development team believe there will be few opportunities of this scale over the next 5 to 10 years,” Mr Joyes added.
