A Brunei family has listed an art deco office opposite Flagstaff Gardens after obtaining a permit to construct an 10 level building in the airspace.
The West Melbourne investment on 1054 square metres at 363 King Street is expected to sell for more than $22 million.
The asset presently contains 2800 sqm of B-grade, warehouse-style commercial space and 14 car parks.
The permit allows for an office with slightly more than twice the lettable area – 5518 sqm.
Alternatively, any incoming owner could propose a different commercial project like a hotel.
“A property of such dominant stature offering sizeable accommodation and onsite car parking with protected views and light corridors is extremely hard to come by,” Colliers’ Oliver Hay, who is marketing 363 King St with Daniel Wolman, Matt Stagg and Tom Isaksson, said.
“This is further enhanced with a permit for 13 levels of commercial office space overlooking Flagstaff Gardens,” he added (story continues below).
“This pocket is quickly emerging as one of Melbourne’s most diverse precincts with vibrant apartment living, premium student accommodation, leading education institutions, world class hospitals and healthcare facilities as well as countless infrastructure projects like the Melbourne Metro Rail and Queen Victoria Market redevelopment,” according to the executive.
Elsewhere in the immediate area, last year, Lendlease paid $203m for 469 La Trobe St, which abuts another office it owns – #485 – giving it a 5146 sqm footprint it is expected longer-term will make way for a landmark mixed-use project with north facing park views.
In 2020, Mirvac also moved forward with plans to build an office at 383 La Trobe St, neighbouring the former Royal Mint.
Also two years ago Avari Capital also bought into the area – snapping up the ex-Sands and McDougall building on Spencer St as an investment.
Private school Haileybury meanwhile, in 2019 outlaid $7.1m for a historic red brick building on Dudley St, to extend its city campus (383 King St), which – like the King Chin Goh property – overlooks Flagstaff Gardens.
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