NEWS

55 King Street hits the market

Colliers International has been appointed sale agent to sell a prominent corner office building at 55 King Street in the Melbourne CBD.

The 12,408sqm property in the western core of the CBD will be taken to market by Nick Rathgeber and Leigh Melbourne of Colliers International’s Capital Markets team.

55 King Street is fully leased to the State Government of Victoria and ASX-listed M2 Group, with both tenants having a longstanding history at the building. In addition to the strong leasing covenants the property provides an attractive built in rental reversion opportunity in the medium term.

The property offers 8 levels of high quality, recently refurbished office accommodation featuring highly sought after floor plates of 1,619sqm, with a 4-star NABERS Energy Rating.

“This is a prominent corner site within the western core of the Melbourne CBD, which is set to see continued improvement with increased high-end redevelopment activity within the immediate vicinity,” Mr Melbourne said.

“A major refurbishment and capital expenditure program was undertaken in 2014, with approximately $10.6million spent on improving the quality of accommodation and replacing base building plant and equipment.

“The large corner site also offers exceptional development upside."

The property is expected to attract interest from a range of domestic and offshore buyers. International Expressions of Interest close Thursday 19th November.

55 King Street Colliers International capital markets commercial real estate property for sale office building development investment

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