Three-way tussle for St Kilda Rd’s VACC House
The race is heating up for an eight-level office block in Melbourne’s busy St Kilda Rd corridor, with three buyers believed to be left in a fierce bidding war for the building.
Melbourne developer Salta Properties, billionaire Lindsay Fox’s Linfox and the listed Abacus Property Group are tipped to be circling the building at 464 St Kilda Road, according to industry sources.
A price of about $88 million to $93 million is reported to be under consideration for VACC House, where the tenant and vendor is the Victorian Automobile Chamber of Commerce.
Selling agent Langton McHarg of JLL denied the speculation, while JLL’s Paul Kempton, and Colliers International’s Trent Hobart and Peter Bremner could not be reached.
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Linfox declined to comment, while Salta, Abacus and the VACC did not return calls.
Linfox’s property division owns the nearby 493 St Kilda Rd where it has its headquarters and the group has applied to convert the site to a 20-storey luxury apartment tower.
The building at 464 St Kilda Rd is just a short distance from Melbourne’s CBD.
Elsewhere in the city, the Law Institute of Victoria has sold its Melbourne CBD headquarters at 470 Bourke Street to a private group for more than $30 million.
The sale of the nine-storey office block was subject to a six-month leaseback to allow the vendor time to move to another building in the legal precinct.
Agents on the deal were the Colliers International Melbourne city sales team of Oliver Hay, Matt Stagg, Daniel Wolman and David Sia, while the buyer was represented by Rob Harrington of Fitzroys.
This article originally appeared on www.theaustralian.com.au/property.
