The site which houses the iconic Brunswick Market is being offered for sale, with interest expected from major residential and mixed-use developers. It is also anticipated that the site will attract significant attention from build to rent groups, with Brunswick having been a key focus for these groups over the past 12 months.

JLL’s Director of Capital Markets Jesse Radisich, Executive Director Josh Rutman, Directors Nick Peden and David Hill and Associate MingXuan Li are handling the international Expressions-of-Interest process on behalf of a private syndicate.

The site, known as ‘Market Square’ provides 3,059sqm of land with four extensive street frontages, including a prominent frontage to the famous Sydney Road retail strip. The property is positioned within one of Melbourne’s most active development spine, between Sydney Road and Breese Street, and is just 100 metres from Anstey Train Station, which provides direct access to the Melbourne CBD and surrounding suburbs. Multiple tram routes also service Sydney Road, providing a high level of connectivity for the site.

Recent projects completed or underway within the same precinct have been delivered by renowned development groups include Milieu, Nightingale and Pellicano.

Following the first foray from a build to rent group into Brunswick from major global investment firm Hines, the location has been high on the list for this style of developer, with capital being sourced both from local institutions and super funds as well as off-shore sources. Major local firms Mirvac and Stockland have staked their claim in the suburb with substantial build to rent projects underway.

“There continues to be quite a limited supply of major city-fringe landholdings that offer potential for significant development scale, so this opportunity will provide a strong indication as to the appetite for major sites from both build to rent groups but also major locally based and off-shore traditional apartment developers” said Mr Radisich. “With just six sites over 3,000sqm sold in Brunswick over the past 24 months, the rarity of the opportunity and the lack of suitable options is pronounced” he added.

Brunswick provides a demographic profile that is continuing to attract developers.

“Approximately 34% of Brunswick residents are aged between 20-34 years of age, and 54% of the Brunswick workforce are classified as Managers/Professionals, providing a compelling demographic story for developers to capitalise on, and a 92% rise in the median house price in Brunswick over the past 9 years has continued to push both home buyer and renter interest towards more attainable apartment product”, Mr Radisich added.

Brunswick possesses highly sought-after locational attributes that continues to drive interest and demand from developers into the suburb, given the vibrant and varied retail offerings underpinned by Barkly Square Shopping Centre, numerous parks and lifestyle attractions, major education hubs including RMIT Brunswick and an abundance of public transport options, with three strain stations servicing the suburb plus tram routes along Sydney Road.

Mr Peden said that developers are continuing to appreciate the value proposition of Brunswick in contrast to immediate city-fringe suburbs such as Fitzroy and Collingwood.

“Our JLL team has recently transacted two sites in Fitzroy for circa $12,000/sqm, which is providing a compelling comparison for developers who can instead consider sites in Brunswick for approximately half that rate, but still developer a highly sought-after product that will command a strong end sales rate and with a similar buyer demographic profile”, Mr Peden said.

It is anticipated that any redevelopment of the site could provide a significant retail offering, that could homage to the existing market use, and the provides a combined 232 metres of street frontage, all with retail potential.

The Brunswick Market has a rich history dating back to the 1950s, and continues to operate as a fresh meat and vegetable market, plus a range of smaller retailers including cobblers, hairdressers, a two dollar shop, second hand store and takeaway food stores.

Expressions-Of-Interest for 655-661 Sydney Road & 50-52 Breese Street, Brunswick close on Wednesday 20 April 2022 at 2pm.

To request a copy of the Information Memorandum please contact one of the marketing agents JLL’s Director of Capital Markets Jesse Radisich, Executive Director Josh Rutman, Directors Nick Peden and David Hill and Associate MingXuan Li via the contact details below. 

Iconic Brunswick Market site for sale by JLL