City of Melbourne buys CBD siteOne of Melbourne’s most extraordinary landholdings has been sold to the City of Melbourne, which secured the property despite several higher offers made by foreign investors.Located at the corner of Queen and Therry streets in the CBD, the 6462 sqm site offers 160m of main street frontage directly opposite Queen Victoria Market.According to Savills, which brokered the sale, the property is exceptional in that it offers development potential unlike anywhere else in the Melbourne CBD. It sits within Capital City 1 zoning, currently occupied by older-style low-rise retail and warehouse buildings.The property was purchased for 19,000 pounds by James A Munro in 1910 and served as a Clement-Bayard car dealership at a time when the automobile was becoming increasingly popular in Melbourne. The core site has remained in the hands of Munro’s family ever since, although small subsections of the property have been sold off.The family decided the future of the site could best be determined by the City of Melbourne and turned down higher offers from overseas investors.
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