SOLD
Sold on 10 May 2024 for $8,500,000

387 Bourke Street
Melbourne VIC 3000

Bedrooms: -
Bathrooms: -
Car spaces: -
Floor area: 170m2
Land area: 344m2
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Property Details for 387 Bourke St, Melbourne

Building Type
Commercial
Floor Size
170m2
Land Size
344m2
Local Government
Melbourne
Lot/Plan
1/PS508087

Last Listing description (October 2023)

JLL Melbourne CBD Sales has the exclusive privilege of offering for sale this extremely rare Bourke Street retail freehold with abundant potential set to benefit from billions of dollars being invested into the immediate precinct.

Key details of the opportunity include:

+ A classic double-level retail freehold building with substantial 12.27* metre Bourke Street frontage
+ Currently configured as two ground floor shops and a whole first floor retail tenancy with an opportunity to amalgamate for a flagship tenant
+ Exposure to 7-day foot traffic from office workers, shoppers, tourists, diners, students and residents
+ Set upon a substantial landholding providing exciting value-add options including construction of additional levels (STCA)
+ Ideal central Melbourne CBD location, 80 metres from Bourke Street Mall and directly adjoining Galleria Retail and 405 Bourke pedestrian thoroughfare
+ Situated in the same block as two brand new office towers anchored by National Australia Bank and Commonwealth Bank set to accommodate almost 12,000* workers
+ One of only two privately owned freeholds on the entire southern Bourke Street block
+ Set amongst Australia's banking titans
+ Incredibly rare opportunity to occupy, reposition or landbank and benefit from an unprecedented level of public and private investment in the immediate precinct

*Approx.

EOI CLOSED - OFFERS UNDER REVIEW

Nick Peden | 0402 011 266
Josh Rutman | 0411 27 37 46
MingXuan Li | 0498 688 998

Two-level retail freehold of 484*sqm
Ideal Central CBD retail core location
Occupy / Value-add / Invest / Redevelop

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Property History for 387 Bourke St, Melbourne, VIC 3000

A timeline of how this property has performed in the market
Last Sold
$8,500,000
10 May 2024
Listed for Rent
09 May 2014
  • 10 May 2024
    Sold for $8,500,000
  • 26 Jul 2023
    Listed for Sale Contact the JLL Melbourne CBD Sales Agents
  • 09 Apr 2014
    Listed for Rent - Price not available
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About Melbourne 3000

The size of Melbourne is approximately 2.7 square kilometres. It has 9 parks covering nearly 2.5% of total area. The population of Melbourne in 2011 was 28,370 people. By 2016 the population was 47,293 showing a population growth of 66.7% in the area during that time. The predominant age group in Melbourne is 20-29 years. Households in Melbourne are primarily childless couples and are likely to be repaying $1800 - $2399 per month on mortgage repayments. In general, people in Melbourne work in a professional occupation. In 2011, 34.7% of the homes in Melbourne were owner-occupied compared with 29% in 2016.

Melbourne has 61,354 properties. Over the last 5 years, Houses in Melbourne have seen a 33.57% increase in median value, while Units have seen a 2.46% increase. As at 31 August 2024:

  • The median value for Houses in Melbourne is $1,218,497 while the median value for Units is $465,019.
  • Houses have a median rent of $600 while Units have a median rent of $645.
There are currently 301 properties listed for sale, and 261 properties listed for rent in Melbourne on OnTheHouse. According to CoreLogic's data, 2070 properties were sold in the past 12 months in Melbourne.

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