One of Melbourne’s most distinctive art deco buildings in Spencer Street is for sale after recently gaining planning approval for a 38-storey residential tower.
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The three-storey Streamline Moderne building on the corner of Spencer and Dudley streets in West Melbourne was one of five development sites given approval for tall towers by planning minister Matthew Guy in a ‘‘Super Tuesday’’ job-lot in February.
West Melbourne has fast become a development hot-spot as stiff competition from offshore developers limits the available pool of premium sites in the CBD.
The building at 420 Spencer Street is recognised by the National Trust but has approval for partial demolition and the ability to replace it with a $70 million, 438 unit, 131 metre tall residential development designed by architects Fender Katsalidis.
The 2250 square metre site has price expectations around $35 million, Colliers International selling agents Matt Stagg and Daniel Wolman said.
It has also been subject to several development applications and offered to the market on a number of occasions by private investor Paul McBain.
In 2007, it was expected to fetch about $7 million before it was suddenly withdrawn at the eleventh hour from a scheduled auction.
