Photo: 380 Queen St Melbourne
A remarkable opportunity unfolds in Melbourne's CBD with the listing of the iconic corner block at 380 Queen Street, expected to sell for around $120 million. As the final high-profile corner with significant development potential, this property offers a unique prospect for forward-thinking investors.
Cushman & Wakefield’s International Directors; Oliver Hay, Daniel Wolman and Leon Ma will be running what is anticipated to be a highly competitive international expressions of interest campaign closing 23rd May 2024 at 12pm.
Nestled on 3,218 sqm* of prime landholding, 380 Queen Street currently stands as a six-level commercial carpark, poised for transformation into a landmark mixed-use development. The property features a ground floor showroom with 1,917 sqm* of net lettable area, adding to its versatility and allure.
What sets this property apart is its strategic location, offering unparalleled access to serene green spaces just across from Flagstaff Gardens. With more parklands planned to grace the area through the new Market Square initiative, the potential view lines over parklands and the revered Queen Victoria Market create an unmatched setting for urban innovation.
Moreover, the immediate area is witnessing a surge in demand for high-rise mixed use developments and infrastructure, spurred by recent completions such as Mirvac’s LIV Munro Build-to-Rent project and Lendlease’s monumental $1.7 billion* mixed-use endeavor with the City of Melbourne, “Gurrowa Place”. Enhanced public transport connectivity, courtesy of Victoria’s Metro Tunnel Project slated for completion in 2025, further amplifies the property's accessibility and value.
Oliver Hay, International Director & Co-Head of Investment Sales, VIC at Cushman & Wakefield, expressed excitement about the property's potential, stating, "The Queen Vic Market Precinct is Melbourne’s most unique and exciting precinct, and 380 Queen Street represents a rare opportunity to shape its future, being one of the last CBD sites with the potential for multi tower precinct scheme"
Daniel Wolman, International Director & Co-Head of Investment Sales, VIC at Cushman & Wakefield, echoed this sentiment, emphasizing the significance of this opportunity in the evolving urban landscape. "As Melbourne continues to evolve, 380 Queen Street stands as a beacon of potential, offering investors the chance to leave a lasting imprint on the city."
With its unmatched location, boundless potential, and the promise of a vibrant future, 380 Queen Street represents an unparalleled investment opportunity in Melbourne's dynamic real estate market.
380 Queen Street is for sale via International expressions of interest through Cushman & Wakefield’s Melbco Development Sites team and is set to close on May 23 at 12pm AEST.
*Approximate
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global commercial real estate services firm for property owners and occupiers with approximately 52,000 employees in nearly 400 offices and 60 countries. In 2023, the firm reported revenue of $9.5 billion across its core services of property, facilities and project management, leasing, capital markets, and valuation and other services. It also receives numerous industry and business accolades for its award-winning culture and commitment to Diversity, Equity and Inclusion (DEI), sustainability and more. For additional information, visit www.cushmanwakefield.com.
