Colliers International expects strong contest for Centenary Hall at 104 Exhibition Street
The Liberal Party of Australia (Victoria Division) is offering for sale a six-level office building, known as Centenary Hall, at 104 Exhibition Street in Melbourne.
Colliers International Melbourne City Sales team of Daniel Wolman, Matt Stagg, Oliver Hay and David Sia have been appointed as exclusive selling agents.
The property is being offered for sale for the first time since 1976 by International Expressions of Interest, at an asking price of more than $30million (excluding GST).
104 Exhibition Street is situated on the corner of Little Collins Street, at the blue-chip east end of the Melbourne CBD. It is located directly opposite QIC Limited’s $1.8billion redevelopment at 80 Collins Street and SX1 Tower.
Centenary Hall was constructed in 1935 and features a stunning art-deco façade and period features throughout. The six-level building comprises a gross building area of approximately 2,550sqm including prime ground floor retail, commercial accommodation, rooftop terrace and basement.
The prime ground floor retail is leased to three high profile tenants in Flight Centre, 7 Eleven and Subway. The upper floors are leased to a variety of commercial tenants, with the Liberal Party occupying one floor.
“104 Exhibition Street is currently fully leased and offers excellent future rental growth potential given the prime east end location and strong Melbourne CBD office leasing market,” Mr Wolman said.
“The opportunity to secure a freestanding building in the east end of the CBD is extremely rare and will be of strong interest to international and domestic high net worth private investors and family offices.”
Mr Stagg added: “The property also benefits from flexible Capital City 1 Zoning, enabling a variety of value-add and development opportunities.
“Future uses may include refurbishment, strata subdivision and construction of additional levels. Conversion to residential, hotel or hospitality use may also be explored (STPA).”