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Former South Melbourne butter factory, film and recording studio could sell for $30 million

May 17, 2018

A nostalgic property has hit the market and could sell for $30 million. Photo: Supplied

It has been home to Academy Award winning movies and Emmy Award winning songs but what was once a creative hub of Melbourne is now on the market.

The 2580-square-metre site at 180 Bank Street, South Melbourne, was once home to DDP Studios, owned by Deluxe Australia, and Bill Armstrong Recording Studios, as well as a former butter factory, but now the property will be sold along with 154 Bank Street and 217 Dorcas Street.

The three properties could achieve a combined price of $45 million with 180 Bank Street expected to sell for an estimated $30 million, while 154 Bank Street hoping to realise $9 million and 217 Dorcas Street in the market for $6 million.

“These three properties are in a great location,” Daniel Wolman, Colliers International director Melbourne City sales team, investment services, says.

“We are expecting a lot of interest from either investors or owner-occupiers in either wanting to buy the properties individually or collectively.

“The history associated with 180 Bank Street goes right to the creative hub of Hollywood.”

John Farnham's debut song "Sadie" was a hit when it released in 1968. Photo: R O Sharpe John Farnham’s first solo single “Sadie” was a hit when it released in 1968. Photo: R O Sharpe

Hacksaw Ridge, Lion, Mad Max: Fury Water and The Water Diviner are just four the big blockbuster movies that have had post-production work carried out by DDP Studios.

Bill Armstrong Recording Studios became the place for hits in the 1960s and 70s, recording Australian classics like Russell Morris’ “The Real Thing”, Daddy Cool’s “Eagle Rock”, and “Sadie” by John Farnham, which was inspired by Armstrong’s cleaning lady.

“There is definitely a lot of creative nostalgia associated with 180 Bank Street but the possibilities for the property are endless,” Mr Wolman says.

“The property also has possibilities for residential conversion.”

There is approximately 5,267 square metres of net lettable area over four storeys at 180 Bank Street with open plan floor plates, which has quick and easy access to public transport, and is only a short distance to the Royal Botanic Gardens and Albert Park.

154 Bank Street and 217 Dorcas Street are vacant land parcels – a rare find in the Clarendon Street precinct of South Melbourne, which has long been held a commercial epicentre of Melbourne’s fringe.

“Undeveloped land parcels of this scale are very limited in the Clarendon Street precinct,” Mr Wolman says. “We are already experiencing a mix of local and international interest.

“South Melbourne is booming as large commercial occupiers are priced out of St Kilda Road and Melbourne. As a result, South Melbourne has become something of a hub for A-grade developments including speculatively built projects such as Hickory’s Market Lane.”

Expressions of interest for the three properties close June 20.

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