This article is from the Australian Property Journal archive
VICLAND Property Group has sold off a brand-new office building in Melbourne’s inner south to German fund manager Real I.S. Group for $75 million.
The nine level building at 11 Wilson Street in South Yarra has over 6,300 sqm with a stunning glass façade boasting abundant natural light, private terraces to the upper levels, end-of-trip facilities and basement car parking.
It is 100% leased to a range of tenants for a secure long term weighted average lease expiry of seven years. Occupants include The Commons, Revolution 360, Ipsos and recently secured Impressive Digital.
The building is a stone’s throw away from the $1.4 billion Jam Factory redevelopment and cosmopolitan Chapel Street precinct.
Colliers’ Daniel Wolman, Oliver Hay and Rachael Clohesy were the exclusive agents who marketed 11 Wilson Street. They said the COVID lockdown-interrupted campaign received interest from buyers from Australia, Asia, Europe and America.
Real I.S Group manages around $8 billion worth of real estate globally, and since 2005 has invested about $2 billion into Australian commercial real estate. It currently manages $1.4 billion across eight direct assets here.
The developer and vendor, Bill McNee, CEO of Vicland, occupies the top floor of the building.
“I live in the area and have had several different offices in the area for many years,” McNee said.
“The suburb needed something different, something modern, fun and high-end. It is one of Melbourne’s most affluent city fringe commercial destinations with exceptional amenity and connectivity.”
Vicland is currently undertaking a large scale premium grade office building in nearby Toorak Village. Several lease deals area in play including a high-end Coles Local supermarket, a renowned restaurateur and popular gym that will sit at the base of 10,000 sqm of premium office space.
