A West Melbourne office has sold for $7.6 million following a marketing campaign promoting the development upside of the land it sits on.
The 868 square metre double
storey warehouse-converted-office occupies a 468 sqm plot zoned Mixed Use.
A plan penned by architect Fender Katsalidis, and marketed as part of the campaign, proposes an 18-storey development outcome.
The brokers said the campaign attracted about 130 enquiries. 25 inspections, 15 contract requests and five submissions.
The 11-17 Jeffcott Street holding is one lot in from the corner of King Street, which is opposite Flagstaff Gardens and walking distance to the Flagstaff train station.
It is adjacent to 383 King
Street, a former ANZ office which private college Haileybury outmuscled residential
developers to acquire, then renovated into a now-trading city campus.
Haileybury would have been attracted to the area for the same reason as builders – amongst them, the gentrification and redevelopment of nearby fringe precincts Docklands, North Melbourne and West Melbourne.
Arden – a suburb which will incorporate part of North Melbourne and West Melbourne – is yet to take shape.
Longer term, an enormous VicTrack controlled site known in planning circles as E-Gate, is mooted to be replaced with a village containing residential and commercial area in high rise buildings.
All these developments would be walking distance to the CBD’s legal precinct, the Royal Exhibition Building, Queen Victoria Market and hospitals around the Haymarket roundabout, where North Melbourne, Carlton and Parkville meet.