A prominent carpark lot in Melbourne’s St Kilda Road Towers has been listed for sale.
CBRE’s Mark Wizel, Nathan Mufale, and Thomas Mosca – in conjunction with Knight Frank’s Martin O’Sullivan, George Burbury and Jazmyn Walkin - have been appointed to market the 1 Queens Road property on behalf of the Deague family.
Formerly the TAB headquarters, the Deague family acquired the property in the 1970s and developed it in the subsequent years to become a thriving commercial office tower, which more than 2,000 employees use every day.
The carpark, which covers a site area of 4,377sqm, comprises a subdivided lot accommodating up to 600 vehicles.
Mr Wizel commented: “1 Queens Road is a highly valuable commercial car park, located in one of Melbourne’s strongest performing commercial centre.”
“With the capacity to park well in excess of 600 cars at any given time, the strategic location of this asset will underwrite its success in the marketplace for many years to come.”
The carpark is located directly opposite Wuzhong International’s mooted 19-storey residential tower. The tower is expected to transform the site, currently a multi-level carpark, into 213 private residences – resulting in the withdrawal of 447 car spaces within the immediate precinct.
Knight Frank’s Mr O’Sullivan commented: “1 Queens Road carpark services one of the largest strata office complexes in Australia with over 600 individual offices, a gross building area of 35,000sqm and 2,200 daily occupants.”
The site is being offered for sale by International Expressions of Interest closing June 2017.
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CBRE Group, Inc. (NYSE:CBG), 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 2016 revenue). The company has more than 75,000 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.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), 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 2016 revenue). The company has more than 75,000 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.
