Flinders St car park tipped to nudge $30m
Melbourne’s dwindling CBD car park stocks are expected to take another hit, with a Flinders St car park with 315 bays to be sold for around $30 million.
The family-owned seven-level car park at 380 Flinders St is certain to attract developer interest, with agents describing it as an ideal hotel site, given its Yarra River views and proximity to Crown Casino.
The car park is managed by Secure Parking, while the top floor is leased to AAPT for its fibre cabling network. The ground floor has retail.
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Colliers International’s Daniel Wolman, Matthew Stagg and Oliver Hay are marketing the property, which has been in the same family for 30 years.
Wolman says the 1270sqm site will hold considerable appeal for developers, with its 36m of street frontage on Flinders St and two other entrances on Foxton Lane and Tavistock Lane.
“The property is located next door to the former Fletcher Jones site at 1 Queen St, which has a permit for 18 levels on only 746sqm,” Wolman says.
380 Flinders St will undoubtedly become one of Melbourne’s most sought-after locations for a high end luxury or boutique hotel
“It overlooks the Yarra River, with views directly towards the Crown Casino precinct.”
“380 Flinders St will undoubtedly become one of Melbourne’s most sought-after locations for a high end luxury or boutique hotel. On offer is a very strong holding income from Secure Parking and AAPT while a new owner awaits plans and permits.”
The forthcoming sale is the latest in a series of major car park deals, as developers chase large CBD and inner-city sites.
In April, South African developer Redefine Properties paid $30 million for a six-level Carlton car park that it plans to turn into student accommodation.
And late last year a Chinese developer also paid $30 million for a 380-bay car park in South Melbourne.
Another car park at 380-406 Queen St, which was to be sold alongside the Carlton car park, remains for sale with an asking price of more than $70 million.
