JLL Melbourne CBD Sales has been appointed to sell three adjoining Melbourne CBD  retail buildings with potential for a major high rise project, be it apartments, student accommodation, office, hotel, co-living or a combination of each.

Head of JLL Melbourne CBD Sales, Nick Peden, along with Josh Rutman and Mingxuan Li have been exclusively appointed on behalf of a long-time private owner, said “the  offering of 248-258 Russell Street has been 81 years in the making, with the last transaction being in 1942 and is sure to invigorate this precinct further.” 

“We expect interest from the entire market, given the rarity of the offering and scarcity of East-End Melbourne CBD real estate offered to the open market for sale.”

JLL Executive Director of JLL Melbourne CBD Sales Mr Peden said “the properties were last traded in 1942 with a complete transformation of the immediate precinct in this time with all the following projects in the same area:

• QV Melbourne (120+ retail stores) situated directly opposite;
• Charter Hall’s ‘Wesley Place’ development (incorporating 3 premium office towers of 111,000sqm plus retail),;
• Iglu’s student accommodation (28-levels 374 bed); and
• The Greek Orthodox office building on the corner of Russell and Lonsdale Streets.

"The properties enjoy a valuable 19-metre frontage to Russell Street and a second street frontage to Hayward Lane.” Mr Peden said.

Expectations for the property are in excess of $12 million.

Mr Peden said “By comparison, 272-282 Lonsdale Street, which JLL Melbourne CBD Sales sold in October 2022 retail asset set upon 413sqm being approximately 500 metres from this latest offering – sold for $32.61 million, representing a land value of $79,000 sqm.”

“Should the purchaser wish to landbank the site or hold longer term, JLL anticipates the total net market rental to be circa $515,000pa which reflects the current leasing deals in the immediate vicinity.”

JLL Melbourne CBD Sales is marketing 248-258 Russell Street, Melbourne via an International Expressions of Interest campaign closing Friday 31 March at 2pm (AEDT).

For more information contact the agents via the contact form below.