Underutilized South Melbourne blocks came on the market

The 264-276 Kings Way block was once a Flinkier’s Motors dealer.

Two more small South Melbourne development-side investments have hit the market.

In what is expected to be the most expensive trade, the Flinkier family sells a Kings Way block that stretches from Bank to the Fitzpatrick streets.

The seller operated a car yard from the 696 square meter plot for a decade until 2007.

Fortis is proposing an 18-story tower on a 297-square-foot Kings Way block, which it acquired for $ 5.05 million in April.

Recently, it has been a drive-through café that was transformed into Thirsty Camel; it returns an annual rent of $ 250,000 on a lease that expires next year – or 2025 if the bottle store performs its final renewal.

Any remodeling of the mixed-use area will block north-facing views of four-story terraces developed in 2018 by Gurner in the southwest corner of Kings Way and Fitzpatrick St.

Colliers’ Daniel Wolman, Tom Isaksson, Leon Ma and Oliver Hay are the agents.

The guide is $ 5.5- $ 6 million.

Meanwhile, near the top of Clarendon Street, one of two buildings occupied by Total Tools for years is also for sale.

The hardware group could be a suitor for the 327 sqm package of # 174-180 – in 2016, it paid $ 5.985 million, or $ 2 million over the guide, for the neighboring property (# 182-188, of 416 sqm).

Other potential residents, as well as investors and developers, are also expected to look in (the story continues below).

The Commercial 1 zoned Clarendon Street plot extends 327 square feet.

The same agents have the list.

“Despite, and perhaps in some ways because of, the challenges of the past year and a half, we are seeing progress in the city’s outskirts market when it comes to demand for office assets,” Isaksson said.

“Clarendon St is a unique and close-knit inner city location … moments away from the Melbourne CBD, surrounded by unique lifestyle facilities including popular cafes, restaurants, gyms, shops and public transport,” he added.

“The site benefits from a flexible Commercial 1 zoning, which means it can be unlocked for higher-order boutique development down the track.”

The listings come fourteen days since we reported former Piping Hot owner Mark Johannsen, who put a former Guides Victoria office up for sale at 101-105 Clarke St, on the northeast corner of Ross Place.

This asset – incidentally also marketed by Colliers – is expected to sell for around $ 10 million.

In April, Fortis allocated DKK 5.05 million. USD to a 297 sqm triangular plot at 313-317 Kings Way.

Also this year, this developer spent $ 12 million on an 850 sqm commercial 2-zone block at 34-40 Eastern Road, South Melbourne.

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