Liberal Party sells Melbourne HQ to mystery luxury retailer
The Victoria Liberal Party has today revealed the sale of its long-time headquarters in Exhibition St in Melbourne’s central business district for the higher-than-expected price of $37.1 million.
The sale, to an undisclosed luxury brand, will help refill the party’s coffers after it funded the recent failed election campaign to unseat the Victoria’s Andrews government.
The party sold 104 Exhibition St, on the corner of Little Collins St, at a sales rate of about $16,100 per square metre on net lettable area.
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After 30 years occupying the space, the Liberal Party of Victoria will be vacating the premises at the end of 2019 with time and plans to find a new office.
Colliers International Melbourne city sales team of Daniel Wolman, Matt Stagg and Oliver Hay sold the site, which was ahead of an earlier off-market process.
“With an expected price of over $30 million, the campaign saw over 110 genuine inquiries and received 10 strong and reputable bids. The demand for this asset shows us the true strength in the Melbourne property market with aggressive offers coming from local private investors, offshore investors and listed institutions,” Wolman says.
He adds “the final bidder was a very high-end luxury retail brand who have purchased the building with plans to owner-occupy for their Melbourne head quarters”.
The purchaser was represented by King Independet Property Advisers.
Stagg cites the growth potential in the east end of the CBD that is forecast to continue with vacancy rates at 1.4% and the new $1.8 billion development being constructed by QIC directly across the road.
This article originally appeared on www.theaustralian.com.au/property.
