The Urban Developer
AdvertiseEventsWebinars
Urbanity
Awards
Sign In
Membership
Latest
Menu
Location
Sector
Category
Content
Type
Newsletters
LESS THAN 2 WEEKS UNTIL OUR FLAGSHIP CONFERENCE JOIN MORE THAN 550 ALREADY ATTENDING
JUST 2 WEEKS TO GO UNTIL URBANITY-25 550+ ALREADY ATTENDING
REGISTER NOWDETAILS
TheUrbanDeveloper
Follow
About
About Us
Membership
Awards
Events
Webinars
Listings
Resources
Terms & Conditions
Commenting Policy
Privacy Policy
Republishing Guidelines
Editorial Charter
Complaints Handling Policy
Contact
General Enquiries
Advertise
Contribution Enquiry
Project Submission
Membership Enquiry
Newsletter
Stay up to date and with the latest news, projects, deals and features.
Subscribe
ADVERTISEMENT
SHARE
print
Print
RetailStaff WriterSun 19 Oct 14

Melbourne's Most Extraordinary Building Sells for $76 Million

m

Savills has sold one of Melbourne’s most extraordinary landholdings on behalf of a local private family.

An Expressions of Interest Process sold the property to the City of Melbourne despite numerous higher offers being received from Asia-based groups.

The property, located on the corner of Queen and Therry Streets and opposite the Queen Victoria Markets, comprises a 6,462 square metre site with Capital City 1 zoning.

Older-style low-rise retail and warehouse buildings currently occupy the site.

The site was acquired for 19,000 pounds from McEwen’s Hardware Co. by James A Munro in 1910 to take advantage of the surge in popularity of the motor car.

He had obtained the license to sell Clement-Bayard cars in Australia, which took place at this site.

The property has been retained by his family ever since, with the exception of sales of smaller components such as the site now occupied by McDonalds on Elizabeth Street, in 1989.

The under-bidder for the site in 1910 was the Melbourne City Council.

According to marketing agents Clinton Baxter and Nick Peden of Savills, the property offers development potential virtually unrivalled and no longer obtainable within the Melbourne CBD.

"This property represents the single best redevelopment opportunity to be offered to the Melbourne market in many years," Mr Baxter said.

"The highly strategic location of the property, plus its history and enormous size makes it the most significant CBD transaction in 20 years.

“We were inundated with interest from across Asia, and in particular Mainland China, but after significant consideration, the Vendor family elected to leave a legacy by selling to the City of Melbourne at a discount to higher bids.

“The family is keenly aware of its 104 year history at the site and decided that its future was best handled by the City of Melbourne.”

RetailAustraliaMelbourneReal EstateSector
AUTHOR
Staff Writer
"TheUrbanDeveloper.com is committed to delivering the latest news, reviews, opinions and insights into the best of urban development from Australia and around the world. "
More articles by this author
ADVERTISEMENT
TOP STORIES
Kurraba Point 93 Kurraba Road TUD PLUS
Residential

Council Over Court: How HFO Won Rare North Sydney Approval

Vanessa Croll
7 Min
Exclusive

Why Sentinel is Betting Big on Olympic City Office Sector

Phil Bartsch
5 Min
The Port of Brisbane has released its Vision 2060 which details the need for inland rail connectivity
Infrastructure

Brisbane Port’s $15bn Future Faces One Big Obstacle

Renee McKeown
5 Min
Freecity Rouse Hill triple towers 2 Tempus Street
Exclusive

Freecity Takes Covers Off $330m Triple Towers in Sydney’s North-West

Leon Della Bosca
5 Min
Parallel Workshops Stockdale Housing PBSA project
Exclusive

Suburban Success Story Turns PBSA Thinking on its Head

Leon Della Bosca
7 Min
View All >
Residential

Fortis Plots Placemaking Project at Hamilton

Taryn Paris
Perth Glory Playbook: Ross Pelligra on Property and Sport
Community

Pelligra’s Playbook: Building Property, Sport Synergies

Renee McKeown
Kurraba Point 93 Kurraba Road TUD PLUS
Residential

Council Over Court: How HFO Won Rare North Sydney Approval

Vanessa Croll
A luxury harbourside build that’s wider and higher than permitted has been greenlit in one of the most complex LGAs in N…
LATEST
Residential

Fortis Plots Placemaking Project at Hamilton

Taryn Paris
2 Min
Perth Glory Playbook: Ross Pelligra on Property and Sport
Community

Pelligra’s Playbook: Building Property, Sport Synergies

Renee McKeown
3 Min
Kurraba Point 93 Kurraba Road TUD PLUS
Residential

Council Over Court: How HFO Won Rare North Sydney Approval

Vanessa Croll
7 Min
Inglewood Beaufort Street rendering front HERO
Residential

Apartment Scheme Revealed for Perth Heritage Strip

Leon Della Bosca
3 Min
View All >
ADVERTISEMENT
Article originally posted at: https://theurbandeveloper.com/articles/melbournes-extraordinary-building-sells-76-million