551-575 Elizabeth Street, Melbourne

Saturday 01 November 2014


More car dealers driven out by city apartments


A surge in developer interest is expected to drive another car dealership out of prime city digs within a few years.

In an off-market deal, Sydney Roosters chief Nick Politis has sold the City Lexus dealership at 551-575 Elizabeth Street, Melbourne, to a local investor for a speculated $15.5 million.

The double-storey building occupies a 2386-square-metre block between the Queen Victoria Market and Haymarket roundabout.

Much smaller sites in the area (including a former Peugeot dealership) are making way for towers of about 20 levels.

Many of the precinct’s new buildings have close-range skyscraper views over the City Lexus and nearby Melbourne City Toyota dealership rooftops.

ICR Property Group managing director Raff De Luise declined to comment about the 551-575 Elizabeth Street campaign.

It is the third Elizabeth Street supersite the agent has sold in recent years (ICR also offloaded City Peugeot and a former Elizabeth Street hardware store, now an apartment tower).

Four months ago, Bob Jane Corporation sought permission to increase the permissible density of 683-699 Elizabeth Street, a tyre retailer that abuts the Haymarket roundabout.

The former City Mazda site opposite Flagstaff Gardens is also making way for apartment buildings.

The Age, Business Section 1st November 2014

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