Vic Government offers up vacant Treasury Square transport site

The property sits on the southern side of Flinders St next to the rail corridor and spans the area between Exhibition and Flinders streets, and Wellington Parade South.

The scale of the parcel, which accommodates three medium-sized buildings, will spark a fierce contest between office developers and proponents of mixed-use projects sporting luxury hotels and apartments.

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The expressions-of-interest process is being run by Colliers International and EY in conjunction with VicTrack.

After an initial close in November a second round will be held early next year with binding commitments to be struck by mid-2020.

The offering has drawn comparisons with Sydney’s Barangaroo South precinct and is likely to become Melbourne’s next mixed-use precinct, potentially shifting the locus of activity from the Docklands.

Victorian Minister for Transport Infrastructure Jacinta Allan says developing the prime piece of real estate will allow the government to keep investing in transport. It will also see the coveted city block developed.

“Treasury Square has the potential to transform the eastern edge of the CBD — cementing Melbourne’s place as a global hub to do business,” Allen says.

Proponents have mooted the trio of buildings planned as a potential headquarters for a multinational seeking a regional or even global base.

Colliers International’s John Marasco noted the limited supply of land in the city’s east end.

“Treasury Square provides a rare opportunity to deliver a landmark mixed-use development in Melbourne’s most valued commercial, residential and hotel precinct,” Mr Marasco said.

This article originally appeared on www.theaustralian.com.au/property.