Small West Melbourne office sells for $7.6 million

A West Melbourne office has sold for $7.6 million following a marketing campaign promoting the development upside of the land it sits on.

Allard Shelton’s Joseph Walton, Michael Ryan and James Gregson sealed the deal for 11-17 Jeffcott Street this week, about 10 days after closing an expressions of interest campaign.

The 868 square metre double storey warehouse-converted-office occupies a 468 sqm plot zoned Mixed Use.

The 468 square metre site (marked) is one lot in from the corner of King Street, which is opposite Flagstaff Gardens.

A plan penned by architect Fender Katsalidis, and marketed as part of the campaign, proposes an 18-storey development outcome.

The brokers said the campaign attracted about 130 enquiries. 25 inspections, 15 contract requests and five submissions.

The 11-17 Jeffcott Street holding is one lot in from the corner of King Street, which is opposite Flagstaff Gardens and walking distance to the Flagstaff train station.

It is adjacent to 383 King Street, a former ANZ office which private college Haileybury outmuscled residential developers to acquire, then renovated into a now-trading city campus.

Haileybury would have been attracted to the area for the same reason as builders – amongst them, the gentrification and redevelopment of nearby fringe precincts Docklands, North Melbourne and West Melbourne.

Arden – a suburb which will incorporate part of North Melbourne and West Melbourne – is yet to take shape.

Allard Shelton just sold 11-17 Jeffcott Street, the low-rise office one lot in from the corner, toward the right hand side in this picture. The low-rise Art Deco brick building at 363 King Street, next to the glass building, to the left in this image, sold for $18 million last September after a knock-out offer ended Colliers International’s expressions of interest campaign early.

Longer term, an enormous VicTrack controlled site known in planning circles as E-Gate, is mooted to be replaced with a village containing residential and commercial area in high rise buildings.

All these developments would be walking distance to the CBD’s legal precinct, the Royal Exhibition Building, Queen Victoria Market and hospitals around the Haymarket roundabout, where North Melbourne, Carlton and Parkville meet.

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Marc Pallisco

A freelance property analyst and journalist, Marc is a co-founder of realestatesource.com.au.

Marc Pallisco
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