Despite development activity heavily impacted throughout 2020, Melbourne’s strong fundamentals including population, employment and GDP growth are forecast to recover strongly. This is providing increased confidence for developers and investors and is fueling a strong demand for new development opportunities in Melbourne.

“The development site market remains fluid, with developers altering permits and changing potential uses of sites, given market uncertainty and ongoing challenges to certain sectors. Recent examples of this trend include Queens Boulevard (50-52 Queens Road), The Jam Factory (500 Chapel Street) and 600 Collins Street,” Mr Rutman said.

Josh Rutman, Peter Harper, Nick MacFie and Mingxuan Li are leading the sale of 63-69 City Road, Southbank which is offered to market via an Expressions-Of-Interest campaign with price expectations to be more than $12 million. The 915 sqm site has a permit for a 30-level tower and caters to an array of uses including residential, office, build-to-rent, co-living, and hotel accommodation under the flexible Capital City Zone (STCA).

Mr MacFie said, “63-69 City Road, Southbank is positioned within a world-class development hub underpinned by numerous surrounding residential and mixed-use projects that have transformed the Southbank precinct into a thriving activity area.”

“The Melbourne Arts Precinct is being transformed into one of the largest creative and cultural destinations in the world and developers will be about to take advantage of the $1.46 billion transformation that Creative Victoria has recently announced to fund the first phase of Australia’s largest cultural infrastructure project,” Mr Harper added.

Led by Josh Rutman, Tim Carr, Mingxuan Li and Stuart Taylor, 393 Bridge Road, Richmond is offered to market via an Expressions-Of-Interest campaign and is expecting to fetch more than $8 million.

The 752 sqm corner site is zoned Commercial 1 Zone enabling the flexible development end uses. The existing building could also provide the opportunity for occupiers to undertake refurbishment work and utilise the space.

Richmond is a well-established commercial precinct within Melbourne’s inner-city fringe, boasting active development activity and underpinned by an extraordinary level of surrounding retail, lifestyle and public transport amenity.

“The location is an in-demand development city fringe destination that is continually transforming with some of the country’s most notable developers delivering highly successful projects,” Mr Taylor said.

Josh Rutman, Tim Carr and Mingxuan Li have been appointed to sell 35 Clara Street, South Yarra. The 651 sqm site is expected to fetch more than $5million at a public auction. Currently, there is a whole block of apartments on the site consisting of 12 one-bedroom units, with the potential to generate a fully leased income of approximately $186,500 per annum.

The site provides for development upside including the opportunity to refurbish the current site or redevelop the entire site for a residential project for up to two storeys with multiple dwellings.

“Strategically located within the heart of the thriving South Yarra commercial and retail precinct, 35 Clara Street boasts a strong income stream providing solid rental upside given the tight rental market in South Yarra,” Mr Carr said.

The site is located within proximity to the heritage listed Jam Factory that is set to be redeveloped for a mixed-use project incorporating retail, commercial, hospitality and entertainment.

To request a copies of the Information Memorandums please contact the JLL marketing agents via the contact form below. 

• 63-69 City Road, Southbank - Josh Rutman, Peter Harper, Nick MacFie and Mingxuan Li 
• 35 Clara Street, South Yarra - Josh Rutman, Tim Carr, Mingxuan Li 
• 393 Bridge Road, Richmond - Josh Rutman, Tim Carr, Mingxuan Li, Stuart Taylor