This article is from the Australian Property Journal archive
THE Bank Australia is expected to garner more than $14 million in selling its Kew headquarters in the tightly held Melbourne precinct.
The Bank Australia headquarters, located at 222 High Street, is comprised of a three-level office building with 1,857sqm of NLA and both ground floor and basement parking for 52 cars.
Alex Browne, Peter Bremner and Ted Dwyer from Colliers have been appointed to manage the vacant possession sale via an expressions of interest campaign.
While Bank Australia are set to relocate their head office to a new city fringe lease.
222 High Street is a 1,548sqm prime Commercial 1 zoned site in what Colliers has described as “one of suburban Melbourne’s most tightly held office markets.”
“Kew is an extremely tightly held office market, comprising around 15 office buildings. Sales of similar offices to this occur about once every two or three years, so we anticipate strong demand from a range of buyer types for this asset,” said Browne.
The well maintained building presents the opportunity for another whole building owner occupier, but is also expected to draw in interest from buyers looking for an investment property or to part-occupy and part-lease out.
“It will also appeal to value-add buyers keen to expand or extend the building up or towards the front of the site to take advantage of the prime retail frontage and location,” added Bremner.
The property sits within close proximity of Kew Junction, with retail offerings such as a Woolworths and Leo’s Supermarket.
“There are great bones for a developer or landbank buyer given the large site area, massive 39m frontage, rear access and favourable Commercial 1 zoning,” said Bremner.
Being located in Kew, the property is also within range of elite schools including Trinity Grammar, Xavier College, Methodist Ladies College and Ruyton Girls School.
The expressions of interest campaign for 222 High Street is scheduled to close on 4 November, 2021.
