Melbourne, 3 September 2014 – The former OCBC House at 565 Bourke Street is to be offered for sale in a move tipped to generate strong interest from local private investors and offshore groups from Europe and Asia.
CBRE’s Mark Coster, Mark Granter and Mark Wizel have been appointed as the exclusive selling agents for the high profile CBD office complex on behalf of Shakespeare Property Group.
CBRE Senior Director, Capital Markets, Mark Coster said the decision to sell followed a significant refurbishment of the asset, which had assisted in the retention of a diverse mix of government, national and international corporations.
This includes Lumo Energy, Civica, Ridley Corporation, Thomson Reuters and various State and Commonwealth Governments tenants.
“The strength of the tenancy covenants will be a key attraction for prospective purchasers, as will the property’s premium location across the road from Bourke Place, CBW and Charter Hall’s 570 Bourke Street, which is currently being redeveloped,” Mr Coster said.
“The fact that the building has retained all of its tenants in recent years demonstrates the appeal of a premium location and a physically well designed, high quality office building.”
The property includes a historic five-storey brick office building, originally known as the Gollin and Company Building, which was completed in 1902 and fronts Bourke Street. Rising behind and above is a modern 16-storey, granite-clad building completed in 1990.
In total, the two buildings comprise circa 15,926sqm of office space above a 65-space, two-level basement car park.
Mr Coster said the asset benefitted from a high profile corner location in the prime section of Bourke Street between William and King Streets. It offers close proximity to dining and retail amenity, Southern Cross Station and the law courts.
The complex has a 3-star NABERS Energy Rating, however a re-rating to 4stars is anticipated on the heels of its recent refurbishment.
CBRE Executive Managing Director, Capital Markets, Mark Granter pointed out that the offering is one of very few Melbourne CBD office investments to be publicly marketed in 2014.
Expressions of Interest close Wednesday, 8th October 2014 at 2pm.
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