This article is from the Australian Property Journal archive
A RARE Collins St office building in Melbourne CBD is on market after been held by the Angliss family for more than 30 years.
This is the first Collins St building in its class to be offered for sale for over 3.5 years.
CB Richard Ellis associate director city sales Ellis Mark Wizel who is selling the property with Sebastian Drapac, believes the site’s high profile location is expected to attract interest from owner occupiers, investors and developers wanting to secure a significant freehold building located in Melbourne’s tightly held financial precinct.
The seven-level building will be offered to the market with vacant possession with potential to capitalise on the conversion of the ground and mezzanine space from an office to a retail use.
The building comprises 2,200 sqm of office and retail space.
“Properties of this size on Collins Street are rarely offered to the market and, irrespective of market conditions, the opportunity to own a freestanding retail and office building on Melbourne’s most prized street will lure significant buyer interest,” Wizel said.
Drapac said the Melbourne CBD financial precinct is one of the most tightly held sectors of the city and 400 Collins St would provide the opportunity for an owner occupier to be located in close proximity to all the city’s major amenities or for an investor to own a genuine Collins St trophy.
Wizel said there has been ongoing speculation as to the effect the current downturn may have on the Melbourne CBD, however to date the impact has been minimal.
“Given the recent stabilisation across most property markets we would be strongly recommending any potentially interested parties to investigate this outstanding Super Prime Melbourne CBD freehold in great detail.
400 Collins Street will be auctioned on October 23 at 1:00pm and fetch more than $7 million.
Australian Property Journal
