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  • $80m expectations as Bendigo Bank's Melbourne HQ hits market

$80m expectations as Bendigo Bank's Melbourne HQ hits market

Melbourne | 13 February 2019
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Singapore-based Wharf Street Investments has listed the Melbourne headquarters of ASX-listed Bendigo and Adelaide Bank for sale - a move that’s set to field offers over $80 million.  

Comprising over 8,300 sqm of net lettable area, the building at 120 Harbour Esplanade, Docklands, was constructed in 2005 and is 100% leased to one of Australia’s largest retail banks until July 2025, providing a secure long-term income stream. 

The property is one of the only buildings within the Docklands precinct to benefit from uninterrupted views across Victoria Harbour and direct access to Southern Cross Station.

CBRE’s Kiran Pillai, Mark Coster and Neva Courts and Colliers International’s Trent Preece, Matt Stagg and Anna Cavar will market the property on behalf of the vendor through an International Expressions of Interest campaign. 

CBRE’s Kiran Pillai said the listing provides one of the first major tests of Melbourne’s office investment market in 2019. 

“The Docklands precinct is one of the strongest performing office markets in the country. Limited future supply of new buildings, significant investment into transport infrastructure and surrounding amenity have heightened demand with vacancy rates tipped to drop below 0.7%,” Mr Pillai said. 

“With rents at the property coming off a low base, the property offers investors the opportunity to secure a high-quality building with an excellent covenant plus strong prospects for short and medium-term rental growth.”
           
Colliers International’s Trent Preece said: “The property is strategically positioned to capitalise on the State Government’s recent $225 million commitment to upgrade the adjoining Marvel Stadium, which will transform the precinct into a truly world class sports and entertainment hub.” 

“Given the quality of the asset and lack of recent major investment opportunities in Melbourne, we expect the offering will generate a strong level of interest from both offshore and domestic investors.”

The International Expressions of Interest campaign will commence on February 18, 2019.
 
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About CBRE Group, Inc.

CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2017 revenue). The company has more than 80,000 employees (excluding affiliates), and serves real estate investors and occupiers through more than 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.

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