“Areas such as Kensington, North Melbourne and South Melbourne have become some of Australia’s most active BTR precincts... Dalston House fits this model perfectly.”
The CBD and its adjoining fringe suburbs are becoming increasingly consumed by mixed-use developments that maximise space to create integrated precincts. Colliers and Jones Real Estate are now working in collaboration to bring to market a property that seeks to tap into this demand from property developers and tenants alike.
The permit-approved 405-421 Spencer Street, West Melbourne, often referred to as Dalston House, sits at the intersection of Spencer and Batman Street, and has additional frontage to Middleton Place. Most intriguingly, the 1,683 sqm landholding has approval for a twenty-storey mixed-use development that will be comprised of 12,142 sqm of NSA.
“It’s becoming extremely rare to have the opportunity to purchase such a primely located asset that already has such a significant permit approval,” stated Colliers’ Oliver Hay.
Mr. Hay is marketing alongside colleagues Jozef Dickinson and Leon Ma, in conjunction with Jones Real Estate’s Paul Jones, Luke Peric, Tim Spargo, and Sam Guest, and the agents are all of the belief that 405-421 Spencer Street is in rareified air, given the current market conditions.
405-421 Spencer Street, Melbourne VIC 3000
For residential developers, the security in planning that 405-421 Spencer Street offers is a desirable trait. Mr. Jones believes that this will prove to be an enticing feature that will prompt major interest from residential developers.
“There aren’t any opportunities like this available in today’s market, which presents a rare, and truly once in a lifetime opportunity to purchase a site that has already done the hard work for you,” Mr. Jones explained. “In addition, Spencer Street is undergoing major upgrades to a tree lined high Street precinct and tram extension as per c385 amendment gazetted in May 2022 which will directly benefit the future uses of the site.”
Colliers are of the belief that some of the major Built to Rent (BTR) players operating in-and-around Melbourne will find much to be interested in at 405-421 Spencer Street. For Colliers’ Mr. Dickinson, the CBD fringe has become an area of particular note for BTR developers.
“Areas such as Kensington, North Melbourne and South Melbourne have become some of Australia’s most active BTR precincts,” Mr. Dickinson stated. “Dalston House fits this model perfectly.”
The property is being sold with vacant possession, and will be sold via an International Expressions of Interest campaign that concludes on Thursday the 16th of November. For investors who’ve got their finger on the pulse of Melbourne’s fringe developments, Dalston House promises tremendous value.
