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Prime development site set to sell in Melbourne CBD

Prize Flinders Street landholding, approved for two hotel towers of 24 and 30-storeys is being offered for sale

A prominent Melbourne CBD site approved for major hotel development has been listed for sale.

Located at 540 Flinders Street, the 1,971 sqm site currently features a two-level office-warehouse with prominent dual frontage to Flinders Street and Flinders Lane.

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The prize landholding, which has been approved for two hotel towers of 24 and 30-storeys, is being offered for sale as part of a shift in strategy by the owners.

Flinders Lane

CBRE’s Scott Callow and Nathan Mufale together with Colliers’ Jozef Dickinson and Trent Hobart are managing the sale via an Expressions of Interest campaign closing September 7, 2023.

“Opportunities such as 540 Flinders Street are extremely rare and we’re expecting both onshore and offshore buyer interest given the site’s prominent location and development scope,” Mr Callow said.

“The approved planning permit allows for a dual tower over a shared podium, comprising a total gross lettable area of 22,591sqm.

“An incoming owner could look to pursue the existing hotel scheme, underpinned by the rapid recovery in the Melbourne hospitality sector, or examine a range of alternate development options.”

Mr Dickinson added, “The flexible Capital City Zoning and permitted building envelope opens up a lot of opportunities for build-to-rent and a number of other uses, to take advantage of the compounding effects of strong and improving market fundamentals and a scarcity of supply throughout the Melbourne CBD.”

Positioned on the south-western corner of the CBD grid, the site offers CBD amenities but with the benefit of being a short walk to the Yarra River, Batman Park, and Crown Casino

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