Fringe office expected to sell for $15m

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UPWARDS of $15 million is expected for a five-level South Melbourne office building abutting the Australian Unity seniors living precinct.

Colliers agents Daniel Wolman, Matt Stagg and Oliver Hay have been appointed to sell 71-73 Palmerston Crescent in South Melbourne via expressions of interest closing 14th August.

The building has 4,528 sqm of office space across five levels, as well as 40 basement and ground level car parks and a ground floor café.

“This landmark freehold is expected to generate significant interest from a diverse range of local and offshore groups due to its premium location, flexibility of future use and the surge in sentiment following the federal election and recent changes in fiscal policy,” Wolman said.

He said the property offered rental and development upside, as well as owner-occupier opportunities.

The site is close to the future Anzac underground train station at the Albert Rd and Domain Rd intersection. Behind it, fronting Albert Road, is the former Australian Unity headquarters that will be converted into a vertical retirement village, next door to its luxury retirement living development, The Grace at Albert Park Lake, which will have 79 residences across 17 levels.

Australian Unity has just moved to its new 271 Spring St offices in Melbourne’s CBD, where it pre-committed to the entire 15,600 sqm of space within the $164 million ISPT development two years ago.