Two Prominent Waterfront Properties Hit the Market in Williamstown

At the end of the pier, the 100-seat restaurant, with a street address of 34 Nelson Place, has a seat capacity of 100, and enjoys unobstructed postcard views of the CBD, Port Melbourne and St Kilda.

A second major site, near the corner of Ferguson Street and Nelson Place – arguably the west’s most expensive intersection – has also hit the market.

With a street address of 266 – 268 Nelson Place, the site will be sold with a permit for a new marine-based development, expected to also include a retail component. Like 34 The Strand, the new owner buys a long lease.

This site abuts a cluster of piers, and fills a void between Williamstown’s two major retail hubs, Ferguson Street, and around the Cole Street roundabout, at Nelson Place.

Given the land is not for permanent sale (known as a freehold), sources say it’s difficult to value the Williamstown site – but expect a very round sum of between $1000 and $3000 per square metre of land, which would value the 5140 square metre site at between $5 million and $15 million.

Not all of the land on the site is developable.

CB Richard Ellis director Scott Callow is marketing both properties.

Earlier this week, Planning Minister Justin Madden rezoned nearby Williamstown industrial land earmarked to be redeveloped into a 369-unit mixed use village.

That area is near the Williamstown train station and overlooks the Point Gellibrand Coastal Heritage Park and the Steve Bracks Promenade, named in honour of the former Victorian Premier who oversaw the Melbourne 2030 policy which is encouraging higher density development around existing transport nodes – coincidentally, often, also in Melbourne’s most charming streets.

He is one of the voices, along with another former Premier Joan Kirner, now protesting the Williamstown redevelopment.

Share or Recommend article

Marc Pallisco

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

Marc Pallisco

Leave a Reply

Your email address will not be published. Required fields are marked *