LEVEL 1/372 Spencer Street, West Melbourne, VIC 3003 | Property Value & History | OnTheHouse
 
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LEVEL 1/372 Spencer Street
West Melbourne VIC 3003

Bedrooms: -
Bathrooms: -
Car spaces: -
Floor area: 420m2
Land area: 515m2
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Property Details for Level 1/372 Spencer St, West Melbourne

Building Type
Commercial
Floor Size
420m2
Land Size
515m2
Local Government
Melbourne
Lot/Plan
2/PS346628

Last Listing description (November 2022)

CBRE Melbourne Metropolitan Sales is offering for sale 372 Spencer Street, West Melbourne comprising a prominent two-level office building, ideally suited for a major mixed-use development, office headquarters or value-add enhancement.

Key details of the opportunity include:


+ 514sqm* landholding is in West Melbourne's Flagstaff precinct, providing a 16-level height potential and allowing for several development outcomes including retail, office, hotel and residential (STPA)

+ Multiple street frontages and entry points via Spencer Street, Jeffcott Place to the rear and side laneway access

+ Excellent transport linkages via direct access to Southern Cross Railway Station Melbourne's most frequented transit hub as well as the La Trobe Street tram network, Docklands waterfront & sporting precinct, Flagstaff Gardens, Errol Street & The Queen Victoria Market all within walking distance

+ Located adjacent to the booming western precinct of the Melbourne CBD, and set to benefit from over $3 billion of private and public investment

+ Surrounded by world class education, retail, entertainment and residential amenity

The opportunity to secure a high calibre CBD fringe office building of this nature is extremely rare, especially when you consider the prime location, exceptional future growth potential and unprecedented future development potential.


*Approx.

Contact CBRE for further information regarding this excellent opportunity.

Nathan Mufale
+61 421 224 354
nathan.mufale@cbre.com.au

Scott Hawthorne
+61 400 861 048
scott.hawthorne@cbre.com.au

David Minty
+61 422 564 199
david.minty@cbre.com.au

Alex Brierley
+61 447 974 447
alex.brierley@cbre.com.au

CBRE Asian Services Team:
Jing Jun (JJ) Heng
+61 411 059 116
jj.heng@cbre.com
jheng1206

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Property History for Level 1/372 Spencer St, West Melbourne, VIC 3003

A timeline of how this property has performed in the market
Last Sold
$5,863,000
06 Nov 2022
Listed for Rent
28 Mar 2018
  • 06 Nov 2022
    Sold for $5,863,000
  • 09 Sep 2022
    Listed for Sale Contact Agent
  • 02 Sep 2017
    Listed for Rent - Price not available
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About West Melbourne 3003

The size of West Melbourne is approximately 6.7 square kilometres. It has 14 parks covering nearly 2.4% of total area. The population of West Melbourne in 2016 was 5515 people. By 2021 the population was 8025 showing a population growth of 45.5% in the area during that time. The predominant age group in West Melbourne is 20-29 years. Households in West Melbourne are primarily childless couples and are likely to be repaying $1800 - $2399 per month on mortgage repayments. In general, people in West Melbourne work in a professional occupation.In 2021, 32.40% of the homes in West Melbourne were owner-occupied compared with 34.50% in 2016.

West Melbourne has 8,470 properties. Over the last 5 years, Houses in West Melbourne have seen a -2.68% decrease in median value, while Units have seen a -1.84% decrease. As at 31 December 2025:

  • The median value for Houses in West Melbourne is $1,342,812 while the median value for Units is $507,741.
  • Houses have a median rent of $630 while Units have a median rent of $610.
There are currently 36 properties listed for sale, and 25 properties listed for rent in West melbourne on OnTheHouse. According to Cotality's data, 375 properties were sold in the past 12 months in West melbourne.

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