JLL Capital Markets Melbourne has sold the Freshwater Place car park at 2 Southbank Boulevard, Southbank for $16 million at a yield of 6.72%.

JLL’s Nick Peden, Josh Rutman, and MingXuan Li sold the asset to a private Singaporean investor on behalf of Frasers Property Group.

JLL Director of Capital Markets Victoria; Nick Peden said the purchase price equated to $60,377 per bay, illustrating the demand for an asset class rarely offered to the market.

He said interest in the car park was very strong with 115 registered enquiries and 14 individual inspections.

“The Freshwater Place Car Park sale is only the fifth multi car park sale in Melbourne in the past seven years, highlighting the scarcity of opportunities to purchase in this asset class,” he said.

JLL Executive Director of Capital Markets Victoria; Josh Rutman said the deal was the largest strata sale in more than three years and Southbank's largest sale this year. It was the first time the property had transacted since its completion in 2005. 

“The successful purchaser was an offshore private investor drawn to the tightly held nature of the asset class and the solid fundamentals of Melbourne real estate,” Mr Rutman said.

The Freshwater Place Car Park is a single-level facility with 265 car bays. Wilson Parking has managed it since the property was constructed in 2005.

The car park benefits from being part of the well-established Freshwater Place mixed-use precinct, comprising 53,000 sqm of premium-grade office space, a selection of retail and dining options and high-end residential.

Located in the heart of Southbank the car park is close to some of Melbourne’s most popular tourist attractions including Crown Casino, Melbourne CBD, Southgate, Arts Centre / Hamer Hall, MCG and major office and residential buildings.

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