Permit approved development site to benefit from renaissance of the Melbourne CBD’s western core precinct
JLL appointed to sell the ‘Flinders Bloque’ as one of the few permit approved landholdings to be offered to the market in the Melbourne CBD
MELBOURNE, 22 September 2021 – As Melbourne experiences an unprecedented amount of development activity, a permit approved site, known as Flinders Bloque, spanning an entire CBD block within the western core of the city has come to market.
JLL’s Josh Rutman, Peter Harper, Nick MacFie and MingXuan Li have been appointed to sell Flinders Bloque at 539-545 Flinders Lane via an International Expressions-Of-Interest campaign.
Flinders Bloque is permit approved for a dual building hotel and serviced apartment development comprising a gross floor area of 22,591sqm. The development features a rare ground floor design which proposes an activated laneway on title, providing developers with an opportunity to create an iconic city thoroughfare. The two above ground levels within the shared podium features hotel amenity including front of house areas, restaurants & bars and meeting rooms, with the two towers sitting above
Mr Rutman said, “Flinders Bloque sits within the CBD’s most active development precinct, with the Western Core currently in the midst of a renaissance with a number of large institutional grade investors and developers looking to capitalise on the evolution and quality of the precinct. We’ve seen major corporates announce their decision to move into the area and this site will service the underlying demand of the swelling worker and commuter population as some of the largest office and mixed-use projects reach completion.”
Mr Harper said, “Within close proximity to the Southern Cross Train Station, Docklands, Southbank and several of Melbourne’s most iconic landmarks and attractions, Flinders Bloque provides an outstanding opportunity for developers to acquire a permit approved development site with endless potential.”
The site could also suit a number of alternative end uses including residential, office, built-to-rent, student accommodation and co-living (STCA).
“Planning approved offerings have been extremely rare within the central city area, let alone one that presents the opportunity for two separate buildings with a flexible capital city zoning. We expect that this will attract the interest of a range of potential buyers that have been waiting years to acquire the appropriate site for their Melbourne expansion strategy,” Mr Harper said.
Flinders Bloque at 539-545 Flinders Lane is situated amongst several major projects which have either been recently completed or are currently under construction. These projects include:
- Collins Arch – 447 Collins Street: The property includes luxury apartments, a 294 room W Hotel, approximately 49,000 sqm of premium grade office space and retail offerings.
- Olderfleet – 477 Collins Street: Situated east of the Rialto Tower on Collins Street, Olderfleet is a 58,500 sqm premium grade office building completed in 2020.
- 555 Collins Street: Estimated for completion in 2023, 555 Collins will include 84,000 sqm of premium office space and 2,300 sqm of retail space.
- West Side Place: A four-tower mixed-use development set to be Melbourne CBD’s largest residential development to date. Located on the corner of Spencer and La Trobe Streets West Side Place will deliver more than 2,600 residential apartments, a brand-new retail precinct and Melbourne’s first Ritz-Carlton and Dorsett Hotels.
There are also several other hotels under construction in the precinct including the Hyatt Centric by Little Projects and Pro-invest Group’s Holiday Inn Express.
International Expressions-Of-Interest for the Flinders Bloque at 539-545 Flinders Lane, Melbourne close on Wednesday 27October at 2pm (AEDT).
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.6 billion in 2020, operations in over 80 countries and a global workforce of more than 92,000 as of June 30, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.