Colliers International appointed to sell high profile Bourke Street office building with outstanding redevelopment opportunities
The Law Institute of Victoria is selling its prominent CBD headquarters at 470 Bourke Street in Melbourne after occupying the high profile site for almost 40 years.
The building is on the market after the LIV conducted an examination of the long term needs of its members and how best to support the legal profession and the Victorian community.
Colliers International’s Melbourne City Sales team of Matt Stagg, Oliver Hay, Daniel Wolman and David Sia have been exclusively appointed to market the property for sale via International Expressions of Interest closing on Wednesday March 21 at 3pm.
“The prime site at 470 Bourke Street, which stretches through to Little Bourke Street, is being sold subject to a short-term leaseback which will enable the LIV to relocate to new premises in a timely manner and ensure business continuity,” Mr Stagg said. “The property is ideal for investors and has outstanding redevelopment opportunities and is expected to achieve a sale price of more than $30million (plus GST)."
LIV Chief Executive Officer Nerida Wallace said: “Our 470 Bourke Street building has been home to the LIV for almost 40 years and has served our members and the community well, but the time is right to seek modern office accommodation for a new era for the LIV.
“The LIV is examining options to ensure we operate from a fit-for-purpose building that allows us to properly represent our members, support the legal profession and the community,” Ms Wallace said.
The 470 Bourke Street building occupies a high-profile location in the heart of the Melbourne CBD, between Queen and William Streets. It is situated within the busy Bourke Street and Collins Street financial and retail precincts.
The property has a site area of 916sqm and has dual street frontages, backing directly onto Little Bourke Street which provides immediate access to the legal precinct.
The prominent nine-storey office building has a net lettable area of 3,339sqm and 16 on-site car parks. The building provides high quality office accommodation, flexible open plan floor plates and natural light from three sides. The ground floor and lower ground floor also provide the flexibility to be utilised for office accommodation as well as retail or hospitality use.
“The building is ideal for real estate investors seeking to generate long-term rental income by capitalising on the buoyant Melbourne CBD office leasing market,” Mr Stagg said. “Alternatively, it presents an outstanding opportunity for businesses aspiring to owner-occupy a high-profile office building with naming rights."
Mr Hay added the car park to the rear of the office building had a valuable underlying land area which was currently underutilised and had excellent redevelopment opportunities.
“It benefits from a Little Bourke Street frontage and flexible Capital City 1 zoning, enabling the new owner to explore a variety of innovative development opportunities such as office, strata office, hotel or residential use, subject to planning approval,” he said.
The LIV is being advised on the sale by Charter Keck Cramer and Russell Kennedy Lawyers.