A rare opportunity to acquire a permitted 6,202 sqm parcel of land on the doorstep of Melbourne’s CBD is anticipated to set the development sector aflutter this week, as Colliers International and JLL bring the Queens Bridge Place to the market.

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 is commencing soon and being run by Colliers International agents Trent Hobart, Rob Joyes and Jozef Dickinson, and JLL agents Leigh Melbourne, Piers Jalland and Josh Rutman, with close of the EOI scheduled for 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 a number of 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, with Queens Bridge Place having the potential to follow the 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 Trent Hobart, Director Colliers Development Sites.

JLL Executive Director of Capital Markets Leigh Melbourne said, “The vendors consolidated multiple sites to create this visionary precinct, which after multiple off-market approaches are excited to bring to the market to allow the project to continue its evolution into no-doubt one of Melbourne’s newest landmarks.

Colliers National Director Rob Joyes said 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 said. “

“Infrastructure investment totalling billions of dollars, including the City Road Master Plan and the Metro Tunnel Project, will shape Southbank in the future and directly benefit Queens Bridge Place, marking this as a rare buying opportunity for any buyer looking to forward-plan their development pipeline, whether that be a combination of office, residential, hotel or build-to-rent.” Said Joyes

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