Savills News

Prestigious mixed-used development site comes to market in Fitzroy North

A rare and prestigious landholding in Fitzroy North is coming to market, representing one of the strongest commercial development opportunities in Melbourne’s coveted and competitive inner city suburbs this year. 

The expansive 3,200sq m development site is situated on a highly accessible, prime corner landholding at 81-89 Queens Parade, with triple street frontages to Alexandra Parade, Queens Parade and George Street.

Savills Australia’s Clinton Baxter, Jesse Radisich and Benson Zhou have been appointed to manage the expressions of interest campaign with expectations of above $18 million.

“The upside potential of this site is profound, and we have already commenced fielding interest from major local and offshore developers keen to know more about this project,” said Mr Baxter.

“There is approved planning in place for a stunning 8-level Cox Architecture mixed-use commercial project that will likely become a landmark building in the area.”

Mr Baxter said the property is also surrounded by high quality lifestyle and retail amenity, including Smith Street retail and Edinburgh Gardens, and is only two kilometres from Melbourne’s CBD, and 1.5 kilometres from Melbourne University.

Further value is expected to be added to 81-89 Queens Parade and its surrounds once the widely-anticipated and adjacent 3.9 hectare Fitzroy ‘Gasworks’ project is completed.

The Gasworks development, positioned by Development Victoria, is a ‘mixed-use village comprising a variety of housing types, community facilities, schooling, and open space.’

“81-89 Queens Parade is arriving at a time and place that meets the strongest commercial office markets in decades,” said Mr Baxter. “The fact that it also includes a permit for an impeccably conceived and designed project makes it very rare, and we expect extremely strong demand for this property.”

Mr Radisich stated that “Fitzroy and Cremorne are the two most highly sought locations by both developers and occupants alike, and with this property providing a ready-to-start proposition, demand is likely to be extremely high.”

Mr Zhou said that “Whilst there has been talk of reducing Chinese capital in our market, Savills has sold more than half of our last 20 deals to buyers of Chinese background. Really there has been a flight to quality projects and investments, the money definitely is still there for the best projects like this one.”

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