Super site in Melb CBD to attract global interest

A development site in the “platinum quarter” of the East End of the Melbourne CBD with the potential for a 52-level building featuring luxurious apartments and a hotel is being offered to the market.

The 63 Exhibition Street development, located to the immediate east of 101 Collins Street, was designed by architects Bates Smart and includes almost 30,000 sqm of gross floor area.

The property is being sold by Salta Properties which has exclusively appointed JLL’s Josh Rutman, Nick Peden, Jesse Radisich and MingXuan Li to manage the transaction. 

JLL Capital Markets Executive Director - Victoria Josh Rutman said the new building is located in the “platinum quarter” of the CBD, bordered by Russell, Spring, Flinders and Collins Streets in the centre of high-end hotels, retailing and apartments.

“Whether it is residential, hotels, retail, office or hospitality, physical space in the Platinum Quarter of Melbourne’s East End comes at a premium, and is the most valuable and expensive real estate in Victoria,” he said.

Rutman said 63 Exhibition Street will draw global interest for what could be one of modern Melbourne’s most iconic towers for generations to come.

“All great global cities have iconic precincts exemplified by luxury retailing, dining, parks, and lifestyle amenities.

“In addition, 63 Ex is one of the city's highest points and will offer not only staggering views but unrivalled amenities in the heart of the most prestigious office, entertainment and retail precincts in Australia,” he said.

Rutman said the full-floor apartments at the top of the building will feature sweeping views across the Yarra River, Botanic Gardens, and the CBD and suburbs beyond in one of Melbourne’s most spectacular locations.

The property is strategically located on the section of Exhibition Street bookended by prestigious Collins Street and eclectic Flinders Lane. The site sits immediately adjacent to the Hermes flagship store for Melbourne, an international retailer renowned for their strict site selection criteria.

“One of the keys to Hermès’ success is their unwavering commitment to securing the highest calibre real estate in the most affluent and prestigious positions in major global cities. In the case of Melbourne, Hermès has long stood proud on the high profile corner of Exhibition Street and Collins Street, immediately next door to 63 Exhibition Street, which highlights the prestigious and desirable nature of this immediate location.”

“The eastern core of Melbourne’s CBD has long been a recession-proof pocket of the city which, regardless of market cycles, continues to attract some of the world’s most prolific investors and developers.

“Opportunities for high-density development in this tightly held pocket have been minimal in recent years due purely to the lack of remaining, unencumbered development sites available for purchase,” Rutman said. 

“The opportunity to deliver such a landmark project in this precinct that can capitalise on this demand is unprecedented, and never to be repeated on a comparable scale due to changes in the planning scheme.

63 Exhibition Street will be offered via an international expression of interest campaign closing on Wednesday, 6 March.