$10m likely for CBD site
Marketing has begun for a Lonsdale Street industrial building owned and occupied by civil infrastructure and waste management company Citywide Services, wholly owned by the council.
The 1072-square-metre property is on the block between Spencer and King streets, which is already set to become a residential precinct with more than 6500 apartments on the former power station site and Age headquarters.
Citywide has been using the building as a depot for street sweepers which will now be housed in its facilities in either North Melbourne or on Dynon Road, in the CBD.
Colliers International's Bryson Cameron said the property could be redeveloped as a residential or commercial project given the size of the site and the area's growing popularity with residents and retailers.
"We believe that this property will be a key component to the next stage of this expanding precinct, the west end," Mr Bryson said.
The council sold 605-611 Lonsdale Street to Citywide for $833,299 in 2001.
Frequently Asked Questions about this Article…
A 1,072-square-metre industrial building on Lonsdale Street between Spencer and King streets, currently owned and occupied by Citywide Services (wholly owned by Melbourne City Council), is being marketed for sale.
The article says the company stands to reap more than $10 million as it moves to sell the prime development site.
Citywide Services has been using the building as a depot for street sweepers, which will now be relocated to its facilities in North Melbourne or on Dynon Road in the CBD.
Colliers International's Bryson Cameron said the 1,072 sqm site could be redeveloped as either residential or commercial given its size and the area's growing popularity with residents and retailers.
The area is already set to become a residential precinct, with more than 6,500 apartments planned on the former power station site and Age headquarters nearby, making the west end an expanding precinct attractive to residents and retailers.
Yes, marketing has begun for the Lonsdale Street industrial building owned and occupied by Citywide Services.
Bryson Cameron of Colliers International commented on the site's redevelopment potential, noting it could play a key role in the next stage of the west end precinct.
The council bought 605-611 Lonsdale Street and sold it to Citywide in 2001 for $833,299, according to the article.
Call 1300 880 160
Start a chat
Schedule a call
