This article is from the Australian Property Journal archive
FIVE levels of offices opposite Melbourne’s Treasury Gardens and next to the future Treasury Square development have hit the market.
Built right on the edge of the CBD in 2009, the commercial building forms part of a larger strata-titled mixed-use development with a residential tower. The office accommodation spans over 5,500 sqm and offers floor to ceiling windows and sweeping views across the Melbourne CBD.
It also boasts 56 secure car parks, end of trip facilities and an exclusive rooftop terrace overlooking Treasury Square, the east end of the CBD and the surrounding gardens, and is framed by the green spaces of Treasury Gardens, Fitzroy Gardens and Birrarung Marr.
The building is anchored by government and global insurance businesses with additional income derived from Arthur J. Gallagher’s exclusive rooftop signage rights.
Colliers’ Daniel Wolman, Oliver Hay, Matt Stagg and Leon Ma have been appointed to sell 289 Wellington Parade South in East Melbourne via expressions of interest closing early next month.
Wolman said the property was home to the “finest level of occupants and residents”, with “no other inner-city suburb of such a high calibre”.
“This is Melbourne’s most valued east end precinct, defined as the heart of culture, amenity, sport and government,” he said.
“This pocket has its own exclusive demographic, with a strong presence of leading global businesses providing a strong tenant covenant for investors.
Wolman said the strong lease profile, security of tenure and diversified income stream would be highly attractive, and that the opportunity future naming rights will also be a major selling factor for owner occupiers.
“The neighbouring Treasury Square development will no doubt also be a key consideration for buyers. The property’s lease profile will significantly change over the next few years as the Treasury Square development comes to life and provides first-class amenity, maximised connectivity and premium grade commercial accommodation for the precinct.”
According to a report in The Australian, Mirvac is favourite to pick up the potentially $2 billion Treasury Square site that spans 13,594 sqm and which could include at least three buildings of about 130,000 sqm.
Mirvac and Cbus Property were shortlisted to develop the project last year out of 11 interested candidates. Colliers has been managing the process with EY in conjunction with VicTrack.
