- Agents and Uniting Church did not disclose the price or transaction details
- The property includes three street frontages
- The church is located in North Melbourne
A major 4,882 square metre landholding in North Melbourne has been sold.
The Uniting Church in Australia Synod of Victoria and Tasmania has sold the property at 579-599 Queensberry Street and 51-61 Curzon Street after 170 years of worship on the site.
Located about one kilometre away from the Melbourne CBD, the site comprises an array of buildings, including the landmark Union Memorial Church building.
JLL’s Capital Markets team of Jesse Radisich, Nick Peden, Josh Rutman and Mingxuan Li acted on behalf of The Uniting Church in Australia, with the property offered by a public expressions of interest process.
The General Residential Zoned site has three extensive street frontages to Queensberry, Curzon and Elm Streets totalling over 200 metres, and is home to the iconic church building, complete with a 46-metre spire.
“The Uniting Church and the Mark the Evangelist Congregation are pleased to see the next stage of life for the church and the site now about to commence under new ownership, following widespread interest from multiple parties,” said UCA’s director property services, Peter Thomas.
“We have been well supported by JLL who executed the extensive campaign on this truly complex and unique site.”
According to JLL, the scale of the offering, the premium North Melbourne location and the extensive existing buildings on site led to significant interest from a range of prospective purchasers.
Jesse Radisich from JLL said that “The campaign generated 217 interested parties, and despite some of the complexities and challenges of the site from a heritage and environmental perspective, a very pleasing sale outcome and settlement arrangement for our client was achieved.”
“This transaction demonstrates that robust demand is in the market for significant landholdings with income and upside potential, and many active purchasers are not impacted or concerned by uncertainty around interest rates”.
