The tall office complex in the city centre of Melbourne has been sold back in 2005. Full colour printing from Richmond could be used to promote the sale of the building this time. Developers or investors might be interested in what will be made available.
It has been reported that about $80m may be the asking price for the block. Financial interests connected with local entrepreneurs Ron Lasarovits and Max Fremder are linked with the prospective sale. Daniel Wolman, of Colliers International, told The Australian:
“This offering represents an opportunity to secure a commanding office and retail investment situated within one of the Melbourne CBD’s most dynamic and evolving precincts, the civic core.”
When the property was sold by the Australian Manufacturing Workers Union (AMWU) 11 years ago, it fetched $28m. However, expectations are different now and the building currently makes about $4.5m each year.
The office block has been almost completely leased before being put on the market, and RMIT University has become an anchor tenant. At the same time, flexible zoning means that it could be possible to develop the building in other ways. The structure is at the centre of high-rise residential developments in Melbourne and it has an extensive retail frontage.