Neighbouring city sites expected to fetch $20m
The two low-rise buildings, on neighbouring sites on the corner of King and Batman streets in the city's north, were expected to fetch more than $20 million.
They are in a city block that overlooks the Flagstaff Gardens and which contains medium to high-rise developments.
Melbourne's residential development sector has been dominated by overseas developers filling a gap in the market after local banks tightened finance restrictions in the wake of the global financial crisis.
One of the buildings, 15 Batman Street, is occupied by a scientific equipment manufacturing business, Glass Expansion, run by the property's joint owners Jost Kaiser and Danny Brezni.
Jones Lang LaSalle's Matthieu Lucas and Steven Messina said the two buildings were in a mixed-use zone and covered a combined area of about 3293 square metres. They were for sale either together or separately, Mr Lucas said.
Neither agent would comment on the expected price but a similar sized asset owned by the Cancer Council, opposite the Carlton Gardens, in Rathdowne Street was sold for $19 million in April, a rate equivalent to $6200 per sq m.
The larger site in Batman Street had the potential for two 13-level towers, Mr Lucas said.
The northern and western end of Melbourne's CBD has undergone significant change in the past decade as rising demand encourages conversion of office or industrial buildings into apartments.
One of Asia's largest developers Far East Consortium recently appointed Brookfield Multiplex to build stage three of its 282-unit Upper West Side apartments, on the corner of Spencer and Lonsdale streets. In June it bought another Spencer Street site, the former home of The Age, from Industry Superannuation Property Trust for $76 million.
Other developers have been active further west. Urban Inc expects to complete its Alessi apartments, in Spencer Street, this year and begin building two others, one in Roden the other in Dudley Street, next year.
A large 2788-square-metre block in Clarke Street, South Melbourne has also been put on the market.
Just south of Crown Casino, it has a two-level office. It was expected to fetch about $10 million, Lemon Baxter director Paul O'Sullivan said.
Frequently Asked Questions about this Article…
Two neighbouring low‑rise development sites on the corner of King and Batman streets in Melbourne’s north are for sale. They sit in a city block overlooking the Flagstaff Gardens and are being offered together or separately.
The two sites were expected to fetch more than $20 million. Agents declined to confirm a firm price, but a comparable asset in Rathdowne Street sold for $19 million (about $6,200 per square metre), providing a recent market reference.
Jones Lang LaSalle said the two buildings are in a mixed‑use zone and cover a combined area of about 3,293 square metres, giving developers flexibility for residential or mixed‑use projects.
According to Jones Lang LaSalle’s Matthieu Lucas, the larger Batman Street site had potential for two 13‑level towers, making it attractive for medium‑ to high‑density residential development.
One of the buildings, 15 Batman Street, is occupied by scientific equipment manufacturer Glass Expansion, which is run by the property’s joint owners Jost Kaiser and Danny Brezni.
The sale is being handled by Jones Lang LaSalle agents Matthieu Lucas and Steven Messina, who confirmed the site area and that the properties can be sold together or separately.
The northern and western ends of Melbourne’s CBD have seen strong change as rising demand encourages conversion of offices and industrial buildings into apartments. The article notes overseas developers have been active in filling a development funding gap after local banks tightened finance following the global financial crisis.
Yes. A 2,788‑square‑metre block on Clarke Street in South Melbourne with a two‑level office has been listed and was expected to fetch about $10 million, according to Lemon Baxter director Paul O’Sullivan. The article also cites major local projects by developers such as Far East Consortium and Urban Inc as examples of activity in the area.
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