An iconic corner site formally known as the Royal Exchange Hotel and currently home to La Porchetta, North Melbourne will be offered for public auction later this month.
Situated directly opposite the Queen Victoria Market at 302-308 Victoria Street, North Melbourne, this is a rare opportunity that has never before been publicly available for sale according to the marketing agents, ICR Property Group.
“It is extremely rare for a property such as this to be on offer,” an agency spokesperson said. “This is a fantastic development opportunity in a unique corner location, close to university and hospital precincts and with public transport on your doorstep in Melbourne’s city fringe.”
The property will be auctioned on-site on Wednesday, 16th May at 12.30pm.
A local investor has paid more than $10,100 per sqm for a boutique retail space positioned opposite the $60 million Cato Square urban park development in Prahran.
Fitzroys Associate James Lockwood sold Shop 2, 119 Izett Street for $505,000 on behalf of a private investor.
He said multiple offers created a competitive environment during the campaign, leading to a strong building rate achieved.
The new owner intends to hold the property as an investment and potentially occupy in the future.
“The property attracted a number of investors and owner occupiers looking to take advantage of its future-proofed location, fronting the world-class Cato Square development that is currently under construction, transforming a car park site in almost 10,000 sqm of urban parkland and underground parking,” he said.
“It is also offers direct access to the Prahran Market and the Jam Factory, which has just received approval from the City of Stonnington for its $450 million redevelopment that will bring almost 100,000 sqm of retail, hospitality and office space to the site, and the broader Chapel Street and Greville Street retail and lifestyle precincts.”
High-end European-style menswear retailer, Ciano & Roza, has committed to a 96sqm space in Chapel Street, South Yarra’s prime retail precinct, securing Shop 7, The Colonnade, at 542 Chapel Street.
The deal was struck at around $100,000 per annum by Fitzroys Agency Executive, James Spencer. The site will become Ciano & Roza’s first and flagship site in Melbourne. Spencer struck the deal during the vacating tenant’s de-fit, with minimal down time for the owner.
He said the quick result achieved in the prime section of the iconic retail precinct demonstrated the increased confidence retailers have in the strip.
“There is no doubt that retailers still want to be on Chapel Street. It’s great to see confidence improving, and with major developments close to completion and in the pipeline in the area, we expect that confidence to grow further,” he said.
“Upcoming developments include the 50-storey Capitol Grand tower on the corner of Toorak Road and the recently approved 671 Chapel Street mixed-use project, plus the $450 million Jam Factory redevelopment.”