Luxury commercial property remains highly prized in perpetuity, but this demand only intensifies when economic metrics like the RBA's cash rate are in significant fluctuation. When investors are not as confident in the market, they gravitate towards proven commodities – the landholdings that stand the test of time.
In Melbourne, luxury is typically associated with location. Few areas are held in the same kind of esteem as Brighton: the jewel of Melbourne’s Bayside. Located 10 kilometres southeast of the Melbourne CBD, Brighton is a suburb that has long been regarded amongst Melbourne’s preeminent localities. Its affluence is easily recognised due to its unique mixture of first-class Edwardian and Victorian homes, situated amongst towering modern complexes that embrace opulent maximalism.
Brighton's proximity to the beach has long proven enticing for Melbourne's elite
For developers and investors seeking an entry point into this cosmopolitan oasis, patience is a necessary virtue. The suburb is well-serviced by its two major retail strips on Church Street and Bay Street, and properties in these areas are held tightly by owners, thanks to their low retail vacancy rates. As for the residential sphere, Brighton follows the trends identifiable across Australia more broadly; the housing supply is extremely tight, and as such, development opportunities are snatched up as soon as they’re brought before prospective buyers.
150 Esplanade, Brighton VIC 3186
Knight Frank’s latest listing provides the market with an ideal opportunity to enter this competitive area – Brighton Savoy. Contained within a Neighbourhood Residential Zone – Schedule 3, 150 Esplanade is a high profile 3,392 sqm beachfront landholding that features expansive triple street frontages to The Esplanade, Wellington Street and Victoria Street; frontages that total over 175 metres.
“It's been held for 55 years; that's how tight this market is. That’s why this asset is so exciting for us,” states Knight Frank’s Stephen Kelly.
Mr. Kelly is taking the property to market alongside colleagues James Thorpe and Langton McHarg, and his commentary indicates that he is confident that the reception from the industry will be encouraging. "We think it'll be very well received."
150 Esplanade, Brighton VIC 3186
Situated one kilometre from the bustling commercial hub of Church Street and the high-class educational facilities at Brighton Grammar School, Brighton Savoy’s combination of location, substantial size, and development opportunity make it a one-of-a-kind offering. Whilst currently occupied by the Brighton Savoy hotel and function centre, developers will have the freedom to refurbish or completely redesign the site at their own discretion (STCA).
This elevated site features panoramic unobstructed views of Port Phillip Bay and the Melbourne CBD, and in a suburb that possesses a median house price of $3.3725 million, that's a lofty feature. For property investors who want access to one of the country's most distinguished areas, 150 Esplanade is the most alluring opportunity available.
A 100% freehold interest in 150 Esplanade is being offered for sale via an International Expressions of Interest campaign that concludes on Tuesday, 18th of October.
