Liberal Party to sell longtime Melbourne headquarters
The Victorian Liberal Party has pulled the trigger on the sale of its long-held offices in the centre of Melbourne for up to $30 million ahead of the November state election and an upcoming federal election.
The Victorian Liberal Party has appointed Colliers International to sell its Exhibition St headquarters, which has been the party’s home since 1976.
The international campaign is asking for expressions of interest with an asking price of more than $30 million excluding GST.
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Some party members have repeatedly objected to the sale of the 104 building, which many regard as the party’s spiritual home, while Victorian Liberal President Michael Kroger and Opposition Leader Matthew Guy have long advocated the merits of offloading the six-level building.
Liberal party President Michael Kroger. Picture: Stuart McEvoy.
Kroger says the party is not wedded to a sale but wants to assess the opportunities available. “The party is considering its options as it looks to move into a more modern premises,” Kroger says. “It’s an investment decision.”
The sales campaign bookends years of speculation about the future of the building for the party, which spent months this year locked in court battling its main fundraising arm, the Cormack Foundation, for access to almost $80 million in funds.
The commercial property market is running hot with office buildings trading at record values but apartment developers have pulled back, potentially reducing the windfall to the party.
Agents marketing the renowned 104 Exhibition St building close to the upmarket Paris End of Collins Street, say the building is ripe for refurbishment, strata subdivision and construction of additional levels.
Liberal Party supporters gather at 104 Exhibition St, Melbourne.
It could also be converted into apartments, a hotel or even restaurants and bars, and could have additional floors added, subject to development approval.
The building’s centrepiece is Centenary Hall, which was constructed in 1935 and features a stunning art-deco façade and period features throughout.
The Liberal Party occupies one floor of the six-level building.
– with Samantha Hutchinson
This article originally appeared on www.theaustralian.com.au/property.
