9-11 Exploration Lane, Melbourne
Recently made available for purchase, this strategically positioned city-central site is being presented with approval for a 31-level hotel tower. The site benefits from falling outside of the C270 regulation, which enforces an 18:1 plot ratio for all future developments.
The JLL Victoria Sales & Investment team of Alex McColl, David Hill and Michael Godfrey together with Hotels & Hospitality Executive Vice President Peter Harper have been appointed to manage the sale on behalf of private investor John Knowles OAM.
9-11 Exploration Lane, Melbourne, will be sold via an Expressions of Interest campaign closing Thursday 25 October 2018.
Rare pre-C270 site in sought-after city pocket
Land supply within the CBD has reached a point of constraint and high demand. Tourism accommodation demand is in growth and as a result Melbourne is experiencing heightened activity in the hotel development sector.
Peter Harper of JLL Hotel and Hospitality added, “The most notable drivers include; the Melbourne Convention Centre which recently re-opened to an expanded 70,000sqm; the forecasted increase to Melbourne’s population resulting in the largest population and workforce nationally by 2030; and passenger movements through the Melbourne Airport which are expected to increase from the current level of 36 Million to 60 Million by 2033.”
Permit Approved – multiple alternative outcomes available
Positioned within the established north eastern pocket of the Melbourne CBD, this site enjoys close proximity to Chinatown, the theatre precinct and three major tertiary institutions including RMIT, University of Melbourne and La Trobe University City Campus.
JLL Sales & Investments Manager Alex McColl said, “Sites of this nature are becoming increasingly rare, following the introduction of the C270 regulation. This site represents a unique opportunity to acquire a well-located development-ready site in a constrained market.
“Whilst we predict interest from Hotel developers, the site’s location is also likely to attract interest from Student Accommodation developers.”
Exploration Lane, Melbourne, Summary
- Land Area: 171sqm
- Permit approved for 31 level hotel tower
- Clear site, ready to commence construction
- Also suitable for student accommodation and residential (STCA)
- For Sale via Expressions of Interest closing Thursday 25 October 2018
*Please note that all financials, measurements or distances quoted above are approximate only.
For further information please contact the JLL team and mention Development Ready in your interactions.
JLL
Alex McColl – 0466 620 828
Michael Godfrey – 0437 440 245
