Melbourne’s largest approved and permitted development site is set to hit the market in the first major listing of 2015
8 Bouverie Street, Carlton is the largest permit approved apartment site offered for sale since the former Age site at 250 Spencer Street in Melbourne was sold by
Colliers International in 2013.
The 2,927sq m development site at 8 Bouverie Street will be offered for sale via an International Expression of Interest campaign being managed by Colliers International’s Trent Hobart and Bryson Cameron on behalf of CES Victoria (Vic) Pty Ltd, a subsidiary of
Located on the south-western corner of the former Carlton United Brewery site, 8 Bouverie Street was purchased by CES in March 2013 and now has an approved permit for 1,035 apartments plus associated retail.
“This is Melbourne’s largest approved and permitted apartment site, which offers an opportunity to transform the skyline of the world’s most liveable city and capitalise on the strength of Melbourne’s real estate market,” Mr Hobart said.
“This property is a genuine opportunity for developers on a world wide scale. We anticipate demand from local institutions and large-scale developers from Australia and across the globe.
“It’s rare to be able to buy a site of this magnitude that is ready to be developed. The location is prime, the timing is right with almost no competition with other large scale projects in the Melbourne CBD, and the residential market is strong.”
Mr Hobart said the location was perfect for a landmark residential development on an international scale.
“The site is situated right in the middle of Melbourne’s world renowned Melbourne University and RMIT campus precincts and, being on the doorstep of the Melbourne CBD, it remains distinctly residential,” he said.
“The approved development has been designed by architects
Elenberg Fraser and incorporates the bluestone façade of the former Carlton & United Brewery site at the base of this 78-level architectural landmark. This is a dense permit that may never be repeated in Carlton.”
Mr Cameron said the lion’s share of Melbourne’s population growth was driven by the education sector, with many new residents aspiring to live near the city’s thriving universities.
“The Melbourne CBD experienced the highest population growth in suburb by percentage in 2014 and Carlton is now expected to follow suit,” Mr Cameron said.
“With the recent change of State Government, we expect to see the flow of approved planning permits become more moderated while the new government settles in. This will only serve to increase the value of approved permits to developers in the short to medium term, making opportunities such as this one at 8 Bouverie Street quite rare.”