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99 Queen Street reigns supreme in Melbourne's CBD

29/05/2024

99-Queen-Street-Melbourne

MELBOURNE, 29 May, 2024 – Positioned within the heart of Melbourne's evolving commercial landscape, 99 Queen Street stands poised for its forthcoming role in the city's evolving landscape. Situated in proximity to the esteemed Collins Street and with a commanding presence opposite the iconic Queen & Collins building, this unassuming property embodies the potential for substantial returns, set against a backdrop of escalating demand for premium real estate within the vicinity.

The allure of 99 Queen Street lies not only in its strategic location but also in its untapped potential for growth and redevelopment. With opportunities for refurbishment, re-letting, and sustainable enhancements, the property offers a canvas for investors and developers to leave their mark on Melbourne's skyline while meeting the rising demand for modern commercial spaces.

For sale through Daniel Wolman, Oliver Hay, Leon Ma of Cushman & Wakefield on behalf of a private family, the price guide, which is in the early to mid $20 million range underscores the desirability of this asset within Melbourne's competitive real estate market. 

Situated within a prime location boasting a Net Lettable Area (NLA) of 4,153sqm*, the 508sqm* site is enveloped by a vibrant tapestry of hospitality, retail, and daily amenities, its strategic positioning offers unparalleled access to a plethora of conveniences.

A defining feature of this strata titled property is its 31.41m* of combined street frontage, providing a commanding presence and unparalleled visibility within the bustling urban fabric. This substantial frontage not only ensures exceptional exposure but also facilitates seamless integration into the surrounding urban ecosystem.

Daniel Wolman acknowledges the intrinsic value of its location, stating, "Its prime location next to Collins Street and opposite the esteemed Queen & Collins building positions it as a cornerstone investment opportunity for those with a discerning eye for potential.

“There is also value-add potential through enhancements to the existing building, coupled with a strategic leasing approach to capitalise on current vacancies and drive rental growth over the medium to long term.

“Furthermore, there is an opportunity to reposition the property as strata subdivision with future sell-down strategy through substantial refurbishments and upgrades, aiming to elevate it to a high-end office strata offering”
he said.

The site's proximity to public transport options further enhances its allure, ensuring effortless connectivity for both tenants and patrons alike. Whether by bus, train, or other modes of transportation, accessing this destination is as convenient as it is desirable, making it an ideal hub for businesses seeking to maximise foot traffic and accessibility.


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.

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