7-Eleven Royal Melbourne Potential for Tower

JLL Retail Investments and Cushman & Wakefield have been appointed to market an inner city 7-Eleven site with the potential for a landmark tower in the heart of Melbourne’s bio-medical precinct.

Strategically located at 39-45 Flemington Road in North Melbourne, this property offers secure holding income and provides significant development potential for the construction of a prominent office tower.

With a site area of 1003 sqm 7-Eleven Royal Melbourne is situated on the prominent corner of Flemington Road and Wreckyn Street, just 1 kilometre from the CBD.

The property is being marketed by JLL’s Stuart Taylor, Jesse Radisich. MingXuan Li and Jarrod Herscu along with Cushman and Wakefield’s Oliver Hay, Daniel Wolman, Leon Ma and Alexander Leggo.

JLL Retail Director – Vic Stuart Taylor said the high-exposure property is surrounded by leading medical, educational, and technological institutions, making it an ideal location in this thriving precinct.

He said the previous closest service station to the CBD was successfully redeveloped into student accommodation in 2021, underlining the immense development opportunities presented by the site.

Cushman and Wakefield Director Oliver Hay said the site's flexible mixed-use zoning lends itself to an array of outcomes, including residential, build-to-rent, student accommodation, office, education, hotel, and medical, healthcare, and life sciences uses, subject to necessary approvals.

“With no further terms past June 2026, this property presents significant development upside, allowing for the construction of a building that can be up to 22 levels high," Hay said.

The Melbourne Biomedical Precinct, home to renowned institutions such as the University of Melbourne and the Royal Melbourne Hospital, has attracted over $2.8 billion in investments over the past decade, making it an ideal location for innovative and impactful development. The projected increase in employee numbers from 72,960 to 80,460 by 2036 further supports the demand for commercial and residential developments in this precinct.

Taylor adds, "7-Eleven Royal Melbourne's highly strategic position, directly opposite Australia's largest hospital precinct and its proximity to leading educational institutions, provides unmatched exposure to a key worker and student population. The site's proximity to tram routes and the forthcoming Parkville Train Station ensures excellent connectivity to the CBD, Melbourne Airport, and suburban Melbourne."

Hay said "This property offers the rare opportunity to develop a landmark building in one of Melbourne's prime locations. Its flexible zoning and existing lease provide a secure investment while presenting significant upside for visionary developers looking to make their mark in the city."

Expressions of interest in this exceptional investment opportunity to develop a tower at 7-Eleven Royal Melbourne, closing Thursday 7 March at 3 pm.