Historic Port Melbourne gem tipped to fetch $3m-plus

The Port Melbourne Building Society property at 226 Bay St will be auctioned off on March 4.

Built in circa 1887, the classic Victorian style two-level building has become an iconic site on the bustling retail strip and the sale is garnering plenty of interest, according to Fitzroys James Lockwood.

The beautiful character of the site is the obvious attraction.

But the property’s access to public transport, as well as proximity to the CBD and Port Melbourne Beach are also proving to be major draw cards.

“These have become key drivers for owner occupiers and businesses looking for new locations, particularly as the inner-city office market becomes increasingly popular,” Lockwood says.

“Investors have also taken note of the heightened demand for well-located office properties across Melbourne’s city fringe, and are seeking opportunities that will present solid future growth prospects.

“Local 19th century icons dotting the famous precinct include the Town Hall, police station and post office buildings, as well as 226 Bay St, while the influence of the port and its dockers is evident in prominent corner hotels that were also built through the 19th century.

The property is in a prime retail area.

“This marks a generational opportunity for an owner occupier, investor or developer to acquire one of Port Melbourne’s landmark freeholds,” Lockwood says.

Being sold on behalf of a private owner the property is expected to fetch a final price in the low to mid $3 million range.

Located on the corner of Liardet St and adjacent to a busy Coles Supermarket the property is exposed to high volume foot traffic.

Popular cafés, eateries and historic pubs also feature throughout the area.

According to the 2018/19 Fitzroys’ Walk the Strip report, Bay St retail vacancies tightened  to 3 percent – one of the lowest across Melbourne.

The Port Melbourne Building Society originated in 1884.

The Society’s success in Port Melbourne, South Melbourne and the surrounding suburbs prompted expansion and the purchase of the allotment which was centrally located for the time.

The building was converted to a maisonette in 1942.

It has been home to Meeco (Australian Medical & Scientific Systems Ltd), and tourism agents Port Travel.

The site will go under the hammer on March 4 at 1pm.