A ‘supersite’ 25 years in the making

A quarter of a century of quiet acquisition could be about to pay off for the owners of a little corner of Melbourne’s CBD.

A collection of seven neighbouring properties across three prominent street frontages has hit the market, with an asking price of around $30 million for the prime development site.

The buildings, which are mostly offices and are situated at 134-148 Little Lonsdale St and 17-23 Bennetts Lane, were gradually purchased until, combined, they covered almost an entire city block.

To have something that’s got frontages to Davisons Place, Little Lonsdale St and also pretty much most of the way down Bennetts Lane, not too many sites like this come up

The properties take up almost an entire city block

With some CBD sites currently fetching record land prices, the owners have decided the time is right and appointed agents Mulcahy and Co and Alexander Robertson to sell the properties, which total 1543sqm.

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Chris Mulcahy says the one and two-storey buildings lie within a capital city zone, meaning they could be transformed into a residential development.

“The owners have acquired it over the last 20 to 25 years and wanted to sell it. It’s obviously a prime development site,” he says.

The properties range in height from one to two-storeys

“To have something that’s got frontages to Davisons Place, Little Lonsdale St and also pretty much most of the way down Bennetts Lane, not too many sites like this come up.”

While some of the properties are vacant, others have tenants that are nearing the end of their leases, which currently deliver around $500,000 in net income each year.

The properties are for sale via expression of interest, which closes on Thursday, September 3.