A freestanding Flinders Street building in Melbourne's CBD is being marketed through Savills agents Clinton Baxterand Nick Pedenwith expectations of at least $20 million.

Mr Baxter said the 248 Flinders Street property's outstanding location, upside and growth potential would attract strong local, interstate and off-shore interest.

'This is an extremely well located CBD building, directly opposite Flinders Street Station with a tram super-stop at the front door, which offers exceptional upside.

'As it will be offered with current owners having vacated, it presents a tremendous value-add opportunity with a number of options including redevelopment, repositioning, owner-occupation and change of use,' Mr Baxter said.

The 3,391 square metre, six level, retail and office building sits on a large 853 square metre site, zoned Capital City, with an extensive frontage to Flinders Street of more than 20 metres and rear access via Degraves Place.

The building will be sold mostly vacant possession, with short-term retail tenancies in place at ground level until October 2017 with no options, being the only exceptions.

Mr Peden said the precinct, one of the most tightly-held in the CBD, had provided owners with optimal rental and capital growth over a prolonged period due to the ever increasing pedestrian and shopping traffic.

'City of Melbourne studies confirm this to be the busiest pedestrian location in Melbourne's CBD and one of the busiest in Australia, with over 10 million tourists visiting the immediate area annually.

'Potential purchasers will also be acutely conscious of the property's outstanding growth potential with Melbourne expected to retain its status as the fastest growing city in Australia for many years to come.

'We expect the property to sell for around $20 million, a price point where not a lot of opportunities arise in the CBD in any particular year, especially in such an exceptional location,'' Mr Peden said.

The site is currently the headquarters of Yooralla, Victoria's largest not-for-profit disability services provider, which will be moving to another location within the CBD.

The property will be sold by Expressions of Interest closing Wednesday, October 21.

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