St Kilda Rd record is broken by $ 160 million of office supplies

THE St Kilda Rd, home of Fair Work Australia, is up for grabs with one of Melbourne's biggest prizes to date for an office building outside the CBD.

With an expectation of $ 160 million, 509 St Kilda Rd, Melbourne, sales would easily obscure the current record holder 417 St Kilda Rd of the green boulevard, which sold $ 144.4 million last year.


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The 6000 m2 building with double front is the largest that will be on the market this year.

Owned by the Sydney-based Beville Group, a private investment group led by John Beville, ownership changed for the last time in 2009 for $ 55 million.

If it is sold for the asking price of $ 160 million, it will increase almost in value in less than ten years.

CBRE & # 39; s Kiran Pillai said that the timing was good with private and institutional investors from all over the world who expected to show interest in the property.

"St Kilda Rd has benefited from record low vacancies in the CBD of Melbourne, with absorption and effective rental growth rates for the district among the strongest in the country," said Mr. Pillai.

His colleague, Josh Rutman, said that institutional investors have recently benefited Melbourne and Sydney, and this property location could make it very attractive to a number of buyers.

"It has protected views to the east over Fawkner Park, and in the west over Albert Park Lake," said Mr. Rutman.

"And they do not build many more office buildings on St Kilda Rd.

"This would be one of the largest office transactions that takes place outside the CBD."

The building's more than 19,500 m² of lettable area is currently leased to tenants, including Fair Work, the Italian consulate general, Fuji Xerox and the world's second largest insurer – AIA insurance.

Since July last year, a series of six larger buildings in St Kilda Rd has changed ownership for a combined amount of $ 540 million.

Expressions of interest for 509 St Kilda Rd close on September 27th.

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