Two prized Melbourne CBD buildings 425 Elizabeth street and 55 Hardware Lane for sale the first time in over 45 years.The CBRE Melbourne City Sales team - Alex Brierley, Nathan Mufale and JJ Heng - are marketing the property for sale via an International Expressions of Interest campaign.

The two high profile buildings are located at 423-425 Elizabeth Street and 55 Hardware Lane, Melbourne.

423-425 Elizabeth Street, Melbourne comprises a 315 square metre dual fronted character building and benefits from a 188 square metre landholding with 8 metres of frontage to Elizabeth Street and valuable rear laneway access.

The property is situated within the high growth northern Elizabeth Street precinct. An area close to the Queen Victoria Fresh Food Market, which is being revived and redeveloped as part of the government-backed $450 million Queen Victoria market and Munro development project.

This precinct also benefits from proximity to Melbourne Central Shopping Centre and train station, RMIT University, renowned eateries and high density developments with over 10,000 apartments being constructed within this location.

CBRE’s Alex Brierley said the property would be offered to the market with vacant possession – appealing to a broad buyer pool.

“We expect buyer interest from prominent owner occupiers and astute value add investors looking to capitalize on the prominent exposure and high growth location,” Mr Brierley explained.

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55 Hardware Lane, Melbourne comprises a three level character building of 310 square metres and benefits from $130,000 net income derived from multiple tenants including Hairroom Salons. The landholding comprises 108 square metres.

Mr Mufale stated, “The sale marks the first Hardware Lane building to be offered to the market in two years. The last sale to occur was the CBRE sale of 60 Hardware Lane in 2019. Occupied by Italian restaurant Il Nostro Posto, the sale reflected a tight yield of 2.91% and building rate of $23,905sqm.”

“Freehold assets in Hardware Lane have always been highly sought after by astute investors, representing a tightly held market, underpinned by highly frequented restaurants, proximity to Melbourne Central and major developments such as the new NAB headquarters at 405 Bourke Street, Melbourne.” Mr Mufale added.

Expressions of interest are set to close for 423-425 Elizabeth Street and 55 Hardware Lane in May 2021.

To request a copy of the Information Memorandum please contact one of the marketing agents via the contact form below. 

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