Catholic Church selling Melbourne terraces opposite St Patrick’s
St Patrick’s Cathedral is a prominent feature in East Melbourne. Picture: Jason Edwards.
The Catholic Church are preparing to offload a series of East Melbourne properties in a divestment expected to top $16m that could put apartments opposite St Patrick’s Cathedral.
The Melbourne Archdiocese are parting ways with a group of four terrace houses designated for commercial use along Albert St, opposite the prominent cathedral.
In a statement, the Archdiocese said “The Catholic Archdiocese of Melbourne is offering these properties for sale as they no longer serve a purpose aligned with the current mission priorities of the Archdiocese”.
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“Proceeds from the sale will be directed towards advancing key Archdiocesan initiatives.”
The properties were acquired by the Catholic Church over a lengthy period, with records showing one of the addresses at 402 Albert St sold to them for $507,500 in May, 1993.
Properties at 404 and 406 are also being sold, as is a combined site at No. 384-388.
While no expected price has been disclosed, industry sources have indicated a sale in the vicinity of $3.5m-$4m for each terrace individually would be feasible for the three neighbouring sites at 402-406 Albert St.
The larger address at No. 384-388 was sold to the church for more than $13m in 2020.
Coupled with even a modest increase to the value of No. 384-388, it could bring the total close to $25m.
384-388 Albert St, East Melbourne, last sold for more than $13m
The three neighbouring sites from 402-406 are also being billed with development potential as a series of luxury residential homes.
Stonebridge Property Group’s Julian White, Max Warren, Dylan Kilner and Chao Zhang are handling the sale.
Mr White said they expected to deal with a mix of owner occupiers and developers for the four properties over the coming month, and wasn’t ruling out interstate and even international interest in the properties.
“There hasn’t been anything on the market like this in the suburb for a long time, so they are a pretty cool opportunity,” he said.
“They are very special properties, and this precinct is the best part of East Melbourne.”
406 Albert St, East Melbourne, is among the sites that could be developed into residential.
The properties include 384-388 Albert St is at the corner of Lansdowne St, a double-storey terrace with a mezzanine that comes with 1087sq m of space as well as onsite parking.
402, 404 and 406 Albert St also have carparking available onsite, but have been billed with potential to be transformed into a luxury residential development.
Proposals around the property’s sale mention nearby apartment complexes including Mirvac’s Eastbourne development, which stands at 13-storeys tall opposite the Fitzroy Gardens — but on a significantly bigger 8200sq m site, making a similar height less likely.
Individually, each of the three properties covers a space of about 400sq m, with a 1100sq m combined building area.
The 402-404 Albert St, East Melbourne, site the Catholic Church is now selling.
Charter Keck Cramer’s Jessica Crossland and Tom Byrnes are acting as transaction advisers for the sale.
Mr Byrnes is also the transaction adviser for the Myer family’s landmark Toorak listing at 62 Clendon Rd.
The historic house, known as Cranlana, has a $96m-$105m asking price.
Expressions of interest for the Catholic Church’s properties along Albert St close at 2pm, August 28.
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