Colliers International’s Tim Homes, who is marketing the site with Shane Dargue, expects developer interest. The site is mixed use, meaning it could make way for a residential or office tower, presumably atop a shopping centre and car park.
Nearby, at the northern-most tip of town near the Queen Victoria Market open-air car park, planning minister Matthew Guy recently approved the construction of two major apartment towers, rising 29-levels and 45-levels, respectfully, and which will add some 810 flats capable of accommodating 1500 residents.
That particular pocket of town – where the CBD merges with North Melbourne and West Melbourne, has seen rampant residential development since local developer Drapac started selling pieces of the former City Mazda dealership to other builders nearly three years ago.
Another major residential proposal is earmarked to replace the low-rise office building at 350 William Street, opposite Flagstaff Gardens, until recently occupied by law firm Holding Redlich.