This article is from the Australian Property Journal archive
BANK Australia has sold off its Kew headquarters for more than $15 million, as it prepares to relocate its Victorian head office to Collingwood.
Nobel Bell Holdings Pty Ltd purchased the three-level office building, at 222 High Street, spans 1,857sqm of total NLA on a 1,548sqm prime Commercial 1 zoned site.
Alex Browne, Peter Bremner and Ted Dwyer from Colliers managed the vacant possession sales campaign on behalf of the bank, with 25 inspections being conducted and eight expressions of interests being fielded before landing a sale price of $15,125,000.
“Sales of office buildings in Kew happen about once every two years, particularly vacant possession sales which allow owner occupiers and developers to compete. Buyers saw great value in this well maintained office building either for owner occupation or to refurbish and lease and keep as an investment,” said Browne.
“Developers saw value in the large land size, favourable Commercial 1 zoning and ability to develop a multi-level commercial and retail building with its prominent wide frontage and exposure.”
Bank Australia has owned and occupied the site for 39 years and is now relocating to a new leased office space at 54 Wellington Street in Collingwood.
“After 39 years owner-occupying our premises in Kew, we simply outgrew the space and have now leased nearly double space in a brand new, high environmental grade office building in Collingwood of which we hope to take occupation by mid-2022,” said Brad Jordon, COO of Bank Australia.
The property sits within close proximity to Kew Junction and a Woolworths and Leo’s Supermarket, as well as various exclusive schools including Trinity Grammar, Xavier College, Methodist Ladies College and Ruyton Girls School.
The building’s NLA includes both ground floor and basement parking with capacity for 52 cars, though Nobel Bell Holdings has expressed plans to redevelop the site in a new commercial project.
“Irreplaceable commercial real estate like this Kew property is in high demand from buyers. Unique, one-off buildings or locations – which 222 High Street offered – always record huge levels of interest and enquiry,” said Bremner.
