Bank of China’s Former Melbourne HQ To Enter The Market
AUSTRALIA – The former headquarters in Melbourne’s central business district (CBD) of IBM and Bank of China is poised to be put up for sale via an International Expressions of Interest campaign, according to a recent report from COMMO.
Situated along 268 Queen Street, the commercial property consists of an existing office block measuring about 8,256 sq ft. The 3-storey asset stands on a 4,898 sq ft site that has a 12.9 metre frontage in Queen Street and rear access via Finlay Lane. The commercial property also features eight car parks.
The asset is being marketed by CBRE’s JJ Heng, David Minty, Alex Brierley, and Nathan Mufale.
“The offering will appeal to multiple buyer profiles including owner occupier and value add investors looking to utilise the existing improvements as well as experienced developers looking to capitalise on the recently obtained planning permit to deliver a premium product,” said Mufale.
Notably, the planning permit will allow the buyer to redevelop the office block into a 13-storey mixed-use project. The new development was designed by RPC architects.
“We expect to receive strong interest from domestic, interstate and international developers who rarely experience the opportunity to secure permit approved sites in the Melbourne CBD, with so few permits obtained over the past 5 years,” added Mufale.
Moreover, 268 Queen Street is near the Queen Victoria Fresh Food Market, which is being redeveloped as part of the government-supported Queen Victoria market and Munro development project costing A$450 million.
Other major projects nearby include Victoria University’s upcoming vertical city campus at 364-378 Little Lonsdale Street. The 24,000 sq m campus in the City West Precinct will provide space for students from Victoria University’s Business School, Polytechnic, College of Law and Justice, as well as College of Health and Biomedicine.
The Expressions of Interest campaign for 268 Queen Street will close in November 2022.