Lorimer St, VIC
99-109 Lorimer St, Docklands, VIC, 3008
Development of a large-scale mixed use precinct including over 1,000 apartments, 200 hotel keys and 30,000sqm of commercial space in Docklands, Melbourne.
Key Item
Value
Property Type
Land Size
Mixed Use
17,777 sqm

In mid-2023, Metrics was presented with an opportunity to enter an established JV to acquire a tenanted asset with the potential to unlock significant long term value by obtaining a planning permit and redeveloping the site as a large-scale mixed use precinct.

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The site is 2km south-west of the Melbourne CBD in Fishermans Bend, Australia’s largest urban renewal precinct. The site is highly accessible and in close proximity to the CBD and Southbank, which provide significant amenity in terms of retail, dining and entertainment. It is a gateway site to the urban renewal precinct, with properties to the north and west already under development.

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The site is currently improved with a purpose-built car dealership and leased, providing short term income whilst relevant approvals are secured.

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The proposed development features four towers facing onto a public park. Three towers will feature residential across a mix of tenures (build to rent, build to sell and affordable), whilst the fourth tower will comprise commercial office space of c. 30,000 sqm. Retail and community facilities will be provided at ground level.

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The planning proposal is being assessed by the State Government as a significant project. Given the current lease over the property the permit is expected to unlock value in the medium and longer term, and the JV will continue to maintain flexibility to execute assess exit strategies including disposal of the site once permit approval has been granted, or delivery of the project. It is expected that this project would be delivered over a 5-10 year time horizon post planning approval.

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