A 175sqm commercial property in the heart of Melbourne’s Chinatown is hitting the market.

The two-level property, located at 274 Russell Street, is currently tenanted by Q Hair, whose lease expires in July.

The building has been held by one family for the past 12 years and is one of few Chinatown CBD properties to go onto the public market this decade.

Colliers International’s Oliver Hay, Chris Ling and David Sia are marketing the property.

“The distinctive building is a strategic opportunity for investors/owner occupiers and developers to take full advantage of the buildings location and short term leases,” Mr Hay said.

“The attractive price point around $3.25 million-plus and the asset’s immediate proximity to bustling Chinatown makes this a premier CBD offering.”

At a glance: 

• Colliers International will auction off 274 Russell Street, Melbourne
• The Chinatown property is 175sqm and has a $3.25million-plus price point
• The property is tenanted by Q Hair, however the lease expires in July

Colliers believes the auction will attract high-profile local and international investors.

Mr Sia said dual street frontages and car parking represents enormous value-add opportunities and will likely result in a wide buyer pool.

“The property is ideal for real estate investors with value-add strategies, particularly those seeking to capitalise on the strong rents that can be demanded within the prestigious eastern end of the city,” he said.

“The rear of the property has direct access to Hayward Lane and the asset includes the potential to activate the rooftop into an iconic hospitality venue.”

274 Russell Street is going to public on-site auction on June 21 at 12.00pm.

Read more: 

Hall Street site sold for $6.5 million to Cadence Property Group

Travelodge Adelaide hotel for sale - Karen Wales, Gus Moors, Colliers International

JLL Office Market Report Reveals Decline in Office Space Sales