Supersized North Melbourne Development Site Expected to Fetch $8 Million

A SUPERSIZED North Melbourne development site, opposite two small parks and capable of accommodating a landmark skyscraper, has hit the market and is expected to sell for about $8 million.

The 3555 square metre property at 181 – 189 Capel Street (aerial image, right) currently includes a large warehouse constructed in the 1960s and which is tenanted by AAMI as an insurance assessment centre. An adjoining small warehouse is occupied by another tenant. Combined the assets return $528,634 in annual rent but AAMI will vacate soon.

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