Trio of Melbourne car parks offers rare opportunity

The car park at 480 Collins St in Melbourne.
The car park at 480 Collins St in Melbourne.

Three car parks in prime locations across Melbourne CBD and the St Kilda Rd district have hit the market.

The largest of the car parks, located at 1 Queens Rd, covers six levels with 523 car bays and also includes 61 storage units within the St Kilda Rd Towers office and residential building.

The second lot at 452 St Kilda Rd comprises three levels of car parking with 80 bays and three storage units within a 21-level hotel and serviced apartments building.

The third property on offer – 480 Collins St – is the only car park in the CBD with direct access from Collins St. Two levels of car parking with 74 bays within a 20-level office and hotel building are available for purchase.

One of the car parks is attached to the St Kilda Road towers.

The three lots are on the market for sale by EOI in one line or separately, with each being offered with a long term lease in place.

The fully leased portfolio boasts a net income of more than $2.045 million per annum.

The three assets are being marketed by Fitzroys agents Paul Burns and Chris James, who believe that changing attitudes towards public transport due to COVID-19 will drive demand for car parking spaces in the city – making the trio of investment opportunities hot property.

The building at 452 St Kilda Rd.

“Commercial car park investments are likely to be particularly strong post-COVID,” Burns says.

“Employees will inevitably prefer driving to work as opposed to using public transport, and employers will secure parking bays to accommodate this preference.”