A commanding Collins Street office building located in a rapidly evolving Melbourne development hot spot is on the market amidst hot demand for CBD assets.
Colliers International’s Matt Stagg and Milton Tsaktsiras have been appointed to sell 468 Collins Street, Melbourne which comprises a prominent 15-level office building plus, prime ground floor retail, secure car parking and basement.
The property is being offered for sale by International Expressions of Interest closing Wednesday 9 July 2014 at 3pm and is expected to sell for circa $60 million.
“This property represents a central Melbourne CBD investment opportunity with solid income stream and good rental and capital growth potential,” Mr Stagg said. The estimated fully leased net income is approximately $4,255,000 per annum.
“With a huge underlying land area of 1,469sq m and extensive street frontage, there is also excellent future high-rise development potential (STPA).
“Collins Street is the Melbourne CBD’s most prestigious and sought after office address, and the West end is currently a development hot spot with a series of commercial and residential developments planned or under construction.
“The property would be well suited to a purchaser seeking a high quality Melbourne CBD investment with the potential opportunity to undertake a landmark development in the future, which could include office, residential or hotel use, subject to planning approvals.”
The 15-level office building also comprises four high-profile retail tenancies, 35 secure on-site car parks and basement storage. The building provides 10,141sq m of quality office accommodation, with flexible floor plates, and ground floor retail space which has recently been redesigned and extended. The new configuration includes four retail tenancies, with a huge 36.50 m street frontage.
Boasting a prestigious Collins Street address, the property is situated in the heart of the financial precinct and is surrounded by major office towers including The Rialto, 530 Collins Street and Bourke Place. The legal precinct, retail precinct, Docklands, Southbank and Crown Entertainment Complex are also within walking distance.
Mr Tsaktsiras said the section of Collins Street between Queen and Spencer Streets was a Melbourne CBD development hotspot.
“There are a number of high-rise commercial and residential developments planned or currently under construction in this precinct, including 447 Collins Street (CBUS), 466 Collins Street (Equiset), 567 Collins Street (Investa) and 568 Collins Street (Stamoulis Property Group),” Mr Tsaktsiras said.
“However, suitable development sites are running out fast and as such 468 Collins Street is already attracting significant interest.”