Demand surges for inner Melbourne development sites, premium beachside opportunity hits market

Demand for prime development sites in Melbourne’s inner city and fringe areas is seeing a dramatic increase, according to real estate firm Cushman & Wakefield.

The firm reports developers are seeking de-risked opportunities to prepare for the next economic cycle.

Amid this upswing, an approved luxury beachside development site at 46-50 Rouse Street, Port Melbourne, is set to hit the market.

Daniel Wolman of Cushman & Wakefield said, “We are noticing a dramatic increase in demand for development sites in Melbourne’s inner city and fringe markets. Approved sites such as this provide a de-risked opportunity for developers to ready themselves for the next cycle.”

Key features of the 608 square metre site include:

• Approved plans for a six-level project designed by Wood Marsh architects
• Potential for water and CBD skyline views
• Dual street frontages
• Flexible mixed-use zoning

Hamish Burgess, also of Cushman & Wakefield, noted that waterfront projects are rare and have the potential to elevate residential revenues in their locations.

“Premium sites like 46-50 Rouse Street are in high demand, as the construction cost increases can be offset by elevated apartment prices in this desirable location,” Mr Burgess said.

The site’s location is expected to attract buyers seeking a prestigious beachside lifestyle, with proximity to retail and lifestyle amenities in Bay Street, Armstrong Street Village, Bridport Street, and Victoria Avenue.

Surrounded by affluent suburbs including Albert Park and Middle Park, the site is particularly attractive to the downsizer market.

The property is for sale through Cushman & Wakefield by International Expressions of Interest, closing Friday 11th October 2024 at 12pm.