The first freehold investment to hit the market this year in the Melbourne CBD’s Elizabeth Street precinct is expected to sell for more than $6 million.
Wilder House at 41-45 A’Beckett Street last traded in 1962.
The three-storey 735 square metre art deco building has 27 metres of street frontage over two roads.
It sits on a 280 sqm block zoned Capital City 1, able to accommodate a c40-metre (so about 12 storey) project.
Investors, owner occupiers and developers – some which might add value to the existing building or strata-title it, or bigger ones which might extend into the airspace, perhaps with a residential project, are expected to show an interest.
It is in the the immediate vicinity of the State Library train station, being developed as part of the state government’s $11 billion Metro Tunnel project.
Queen Victoria Market which is undergoing a $250 million redevelopment including the addition of a 38-level build-to-rent complex acquired last year for 333.5 million by Mirvac, is also nearby.
Countless accommodation in super-prime northern CBD corridor: agents
“Wilder House is a generational Melbourne icon located within the…retail core of Melbourne’s CBD, between Elizabeth and Swanston Streets and directly opposite RMIT University,” Mr Hay said.
“With a highly regarded A’Beckett Street address and its location within the heart of the Melbourne CBD and directly opposite RMIT as well as over 3,000 purpose-built student accommodation beds, we expect strong worldwide buyer competition for the asset.”
Mr Moss added Wilder House was located in one of the fastest growing precincts in the Melbourne CBD.
“This is a ‘super-prime’, northern corridor locality where unparalleled growth is underpinned by countless student accommodation, hotel, residential and commercial high-rise developments,” the MPC Moss director said.
“The high foot traffic location falls within the booming 24-hour Swanston and Elizabeth Street precincts, driven by the nearby RMIT University, University of Melbourne…Melbourne’s medical precinct and…Metro Tunnel project.
“This is an extremely rare opportunity to capitalise on the extensive development in the northern pocket and acquire a timeless CBD asset.”.