Melbourne CBD Market On The Move

71-73 A'Beckett Street is one of three new properties scheduled to hit the market in the Melbourne CBD.

 Three new properties are scheduled to hit the market in the Melbourne CBD amidst a surge in activity as vendors move to take advantage of current market conditions.

A classical, two-level building in the Melbourne CBD has been listed for sale for the first time in 55 years. Colliers International’s Daniel Wolman and Oliver Hay will take 71-73 A’Beckett Street to auction on May 13.

The building is currently occupied by the Victorian Spiritualists' Union (VSU), which has owned it for almost 55 years.

“With the Melbourne CBD evolving on the back of a development boom – particularly within the immediate vicinity – the church has decided to make the most of an opportunity to sell this iconic building and relocate from the CBD," Mr Wolman said.

The 258sqm property is one of the last remaining sandstone freestanding buildings in the heart of the Melbourne's traditional CBD grid, on A’Beckett Street, between Elizabeth and Swanston Streets.

“This section of Melbourne’s CBD is currently seeing, and has over recent years, seen incredible redevelopment and considerable uplift which has been driven by high rise residential living and low office vacancy levels,” Mr Wolman said.

Colliers International is seeing a surge in activity as vendors move to take advantage of current market conditions in the Melbourne CBD.

“Vendors are taking advantage of this fast-moving, strong CBD environment and active market,” Mr Wolman said.

Mr Wolman and Mr Hay have also been appointed to sell a ground floor café at 326 William Street on behalf of a group of local private investors.

“326 William Street is situated in an absolute prime corner retail position opposite Flagstaff Station, Flagstaff Gardens and the Royal Mint,” Mr Hay said. “The property benefits from being positioned on the corner of two of Melbourne’s major thoroughfares, William and La Trobe Street and subsequently receives huge levels of pedestrian traffic with exposure from two CBD tram stops at its door step."The property comprises 220sqm of retail space and 159sqm of prime office at the rear, including a secure car space.

Mr Wolman said the vendors had decided to make the most of high demand for CBD assets. The property will go to auction on May 15.

Matthew Stagg, Mr Wolman and Mr Hay have also been appointed to sell 310 Queen Street in the CBD.

The freestanding building is currently leased to the Phoenix Institute of Australia, with two years remaining on the lease. It incorporates base make car parking and a lane way at the rear.

“This property offers a perfect opportunity to add value or develop," Mr Stagg said.

“Situated on the corner of Queen Street and Guilford Lane, the property is centrally located to the courts precinct, Bourke Street Mall, Queen Victoria Market and the education precinct.

“We have already had significant interest from a wide range of buyer groups, including office users, residential developers and education groups.”

The property will be sold by an Expressions of Interest campaign, closing on May 8.