Skip Ribbon Commands
Skip to main content

News release


Major South Melbourne site presents development opportunity, with three street frontages

280 Normanby Road, South Melbourne

The prominent landholding at 280 Normanby Road, South Melbourne of 2,609 sqm is to be offered to the market through an international Expressions of Interest campaign conducted exclusively by JLL’s James Kaufman and Lincoln Reynolds.

Situated within the generous 40 level height limit zone of the Fishermans Bend Urban renewal project, the development site presents a strategic opportunity in one of Melbourne’s rapidly growing and highly sought mixed use precincts. 

Located just 1.5km from the CBD, the site is a short walk to some of Melbourne world class amenity including South Wharf precinct, Crown Casino, South Melbourne Markets, Port Melbourne beaches and with strong transport linkages via the West Gate Freeway and Montague street light rail.  The site is poised to deliver an iconic South Melbourne development, capitalising on high demand through continued population growth in the city fringe market.

JLL Director - Sales and Investments – Victoria , Lincoln Reynolds said “Hayball Architect’s have prepared an exciting scheme to include a 40 level mixed use tower, totalling 396 apartments and over 1,265 sqm of associated commercial space.  The 40 level zoning will provide the future development with stunning views across metropolitan Melbourne, Port Phillip Bay and the Melbourne CBD”.

Fully leased by Crane Distribution Limited, trading as Tradelink Plumbing Services, the asset offers $495,000 p.a for 2 years, expiring 26 May 2018 with no further options. The attractive lease and possible presales, provides investors with an opportunity to leverage a short term holding income pending planning approval.   

The campaign follows the sale of 15-87 Gladstone Street South Melbourne to Chip Eng Seng (CEL) for $52mill which equates to $8,742 per sqm of land area and the former Symex Soap factory at 164 Ingles Street Port Melbourne purchased by Channel 9 for the next series of The Block.  

JLL Regional Director – Sales and Investments - Victoria , James Kaufman said “The highly flexible property allows for immediate investment returns and future development potential in one of Melbourne’s fastest growing precincts.  The three street frontages to Normanby, Johnson and Munro Streets enables the proposed building to have excellent natural light and amazing views in most directions.” 

Mr Kaufman added “The rezoning of this part of Melbourne is driving significant change, as the area transitions from commercial uses to residential and mixed use. We are expecting to attract interest in the vicinity of $20 million dollars, following recent transactions in the precinct”. 

“When you consider the total transformation of the Southbank area over the past 20 years, this opportunity appears very cheap in comparison. Site values in Southbank have increased from an average of $800 per sqm in the mid-1990’s to $22,000 per sqm of land area today”.

Expressions of interest close on the 14 July, 2016.