Sheng Le Group lists 1.5 acre permit-ready Southbank site

A Google Street View image of the five sites, north of the red brick former Robur Tea Company factory.

Sheng Le Group has listed a 1.5 acre Southbank site stretching about half the east side of Queens Bridge Street from Crown Casino to Kings Way.

The parcel comprises five properties consolidated between 2014 and 2016 for a total $103 million – about the price expected this time around.

Two years ago, City of Melbourne and planning minister Richard Wynne approved it for a $900 million mixed-use village with a seven storey podium, containing a 188-suite hotel, 5000 sqm office and 1300 sqm of retail, and 24 and 47 level towers, accommodating 733 apartments.

A 1465 sqm publicly accessible (but to be privately owned) link connecting Queens Bridge St to City Rd and Boyd Park would also be constructed beside the historic former Robur Tea Company factory.

Sheng Le Group branded its proposal Queens Bridge Place but never started marketing the components within it for sale or lease.

Colliers International’s Trent Hobart, Rob Joyes and Jozef Dickinson with JLL’s Leigh Melbourne, Josh Rutman and Piers Jalland said the owner is now testing the environment with an expressions of interest campaign after receiving numerous direct approaches following the permit being granted (story continues below).

Interest is expected from build-to-rent developers (Grocon, Mirvac and PDG recently snapped up sites in the area for this purpose), as well as traditional large-scale builders, some which might consider reworking the approved shell’s occupancy mix.

The site, 87-127 Queens Bridge St, also with City Rd frontage, is 550m from Flinders St Station.

“Large scale mixed-use sites that can integrate retail, office, hotel and residential in precincts with great retail, lifestyle, office and transport amenity are increasingly rare, with Queens Bridge Place having the potential to follow the successful…developments including Freshwater Place, the $200m sale of 7-23 Spencer St to Mirvac, the current transaction of Treasury Square and the recent successful completion of Collins Arch,” Mr Hobart said.

The proposed City Rd Master Plan would directly benefit the Queens Bridge Place parcel too, Mr Joyes added.

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Marc Pallisco

A former property analyst and journalist, Marc is the publisher of realestatesource.com.au.

Marc Pallisco