Trio of former Melbourne student accommodation sites banking on a $20m+ auction
The former bank at 231 Victoria St, Abbotsford, is one of three buildings known as the “Trifecta portfolio” that are on the market.
Three inner city Melbourne properties including a heritage-listed former bank are expected to fetch more $20m combined when they go under the hammer next month.
Singaporean investors Birch Ridge are selling the three-storey former Melbourne Savings Bank at 231 Victoria St, Abbotsford, along with 14-16 Anthony St, Melbourne, and 146-152 Victoria Pde, East Melbourne.
Yarra Council’s heritage scheme lists the ex-bank an “individually significant” building built in 1884-1885 and designed by architect George Wharton.
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The bank and the two other sites, known as the Trifecta portfolio, are for sale either individually or as the one parcel.
Colliers investment services head, Daniel Wolman, said the properties had previously been used for student accommodation.
The former bank includes offices, accommodation rooms, kitchens, bathrooms, a rear courtyard and off-street carparking for up to six vehicles, in a Commercial 1 Zone.
It is located at the corner of Victoria and Hoddle St where an estimated 30,000 vehicles pass by daily.
Inside the former bank at 231 Victoria St, Abbotsford.
Rear access.
The site is near the busy Hoddle St corner.
The East Melbourne property consists of three adjoining freehold buildings featuring 33 rooms, while the three-level Melbourne site has 27 single rooms.
The ex-bank last sold for $3.52m, while the Melbourne site last sold in 1999 for $827,500 and the East Melbourne address for $406,000 in 1997, according to CoreLogic.
In the pink at 146-152 Victoria Parade, East Melbourne.
Period features.
The site is close to Melbourne’s CBD.
Mr Wolman said Birch Ridge had decided to sell due to Australia’s borders reopening to overseas university students following 2020 and 2021’s Covid-19 restrictions, leading to increased demand for accommodation.
“Given the shortage of stock we’ve experienced this year, the weight of demand has built up for prime assets at attractive price points, based on inquiries and the interest for properties that sold in the city fringe within the same price bracket in September,” Mr Wolman said.
14-16 Anthony St, Melbourne.
Red walls and black doors.
The site was used for student accommodation.
Colliers Melbourne city sales agent, Alexander Leggo, said he expected groups looking to “add value through refurbishment or re-positioning” to show interest in the Trifecta portfolio.
“Aside from being unique high-exposure assets, we anticipate the city fringe properties will particularly attract owner-occupiers as they support the trend of privately owned businesses’ desire to decentralise from the CBD to work closer to home,” Mr Leggo said.
The three properties will be sold at a Melbourne boardroom auction on November 11.
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