West Melbourne site on offer for $11 million

A prominent triple-fronted site in West Melbourne, which has a planning permit for a six-storey mixed-use development, is up for sale, with an asking price of $11 million.

The 137-157 Adderley St site, which encompasses Adderley, Stanley, and Rosslyn streets, spans 1597 square metres and comes with a permit to build 96 apartments.

The sale comes after the City of Melbourne issued a planning permit in October 2018 for the owner of the Aust Landing Group Pty Ltd to build a residential building at a cost of $25 million. It’s not known why the plans have been abandoned or why the owner has chosen to sell.

Cushman and Wakefield’s Marcus Neill said the sale had drawn interest “from a mix of groups like student accommodation, build-to-rent, traditional build to sell developers”.

He said the federal government’s $10 billion Housing Australia Future Fund, the biggest investment to support social and affordable housing, which will include the building of 30,000 new homes in the next five years, had been an incentive for prospective investors.

“There’s more interest from affordable and social housing groups generally,” he said.

According to sale’s advertisement, the site is “surrounded by some of the most established developments in the neighbourhood and will continue to benefit from the recent implementation of the West Melbourne and Arden Structure Plan”.

The sale is by tender process, closing December 14. The site previously sold for $9.4 million in 2016.

Caption: 137-157 Adderley St, West Melbourne is up for sale. Photo: Hanna Komissarova.