Colliers International negotiates sale of 160 Harbour Esplanade
Following on from a campaign in late 2017, Colliers International’s John Marasco has negotiated the sale of 160 Harbour Esplanade in Melbourne. CBRE’s Alex Moffatt acted on behalf of Development Victoria.
“Fully leased to Seven Network for its broadcasting operations as well as commercial office space, this five-level building offered purchasers an outstanding, highly specified building in a superb waterfront location,” Mr Marasco, Colliers International Managing Director of Capital Markets, said. “It was a solid investment offered with the strongest possible lease terms in a premier office precinct.”
Situated adjacent to Etihad Stadium and minutes away from Central Pier and Southern Cross Train Station, the property is in a vibrant part of the Docklands precinct. It has a net lettable area of 8,200sqm and occupies a large site area of 6,700sqm.
Mr Marasco said 160 Harbour Esplanade represented a strategic investment in one of Australia’s best performing CBD office markets.
“Melbourne’s ongoing high demand and net absorption forecast has made it one of the most sought after destinations for investment in the country,” he said. “Docklands itself has experienced 17 years of consecutive positive net absorption and currently has the lowest vacancy rate of any precinct in the Melbourne CBD office market at just 1.2%.”
“In addition, $30billion of infrastructure expenditure is earmarked to be spent by 2020 to cater to Melbourne’s population growth, including the $10.9billion Metro Tunnel and the recent announcement of $225million to be spent by the State Government and the AFL to facilitate a major redevelopment of the Etihad Stadium Sporting and Entertainment Precinct.”