Office sale

By Sarah Bartlett

The Uniting Church and developer BPM have sold an eight storey office tower located at 130 Little Collins St to a locally based investor. 

With the deal negotiated by Colliers International and CBRE, the property was successfully transacted on an unconditional basis after the international expressions of interest (EOI) campaign was closed. 

CBRE’s Mark Wizel said that the second round of the EOI process was extremely competitive and drew bids that added up to over $600 million, from local and international private investors, developers and institutions. 

"The volume of offers in this campaign from a wide variety of investors and developers demonstrated the depth of capital seeking high quality offerings in the Melbourne CBD,’’ Mr Wizel said.

Colliers marketing agent Daniel Wolman said that while the property had the advantage of the approved permit for hotel development, it was the considerable improvements of the current office tower that was the predominant market attraction. 

“The result reflected the very strong demand for office investments in the nation’s tightest CBD office market,” Mr Wolman said.

The current office space comprises of eight levels of office and ground floor retail, an auditorium, meeting rooms, a chapel and basement car park.  The net lettable area of current space is 3797 sqm.  Of that amount, 605 sqm have corner exposure to Little Collins St (16m) and Coromandel Place (37m). 

The CBD office building was constructed in 1967 and was refurbished in 1995. The property has a permit for an Elenberg Fraser-designed hotel that will consist of 27 storeys and 184 rooms. The site was sold with a leaseback to the Uniting Church. 

The sale comes after numerous transactions have been completed in the eastern end of the CBD this year. This includes a property located on 85 Spring St that sold for $112.25 million, as well as a property on 45 Exhibition St which sold for $27.5 million. 

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