COMMERCIAL PROPERTY, SALES & LEASING

Tech entrepreneur selling St Kilda office

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A NEWLY refurbished office tower in Melbourne’s St Kilda Rd originally built by Lindsay Fox for his trucking company is on the market for the second time in two years.

CBRE’s Josh Rutman, Mark Wizel, Lewis Tong and Scott Orchard have been appointed as sales agents for 1 Bowen Cr.

The seven-level building last traded in 2017, when it was sold on behalf of philanthropist and tech entrepreneur Malcolm Freake for $13.575 million.

This time around, expectations are for about $16 million.

Refurbishment of the 2,868 sqm building took in polished concrete floors and exposed ceilings. The building has two levels of basement car parking and light filled floor plates of 459sqm.

The agents said the offering provides an opportunity to secure a St Kilda Rd investment at a price point rarely available in the precinct.

Only a handful of building of this size are in the area, and recent commercial transactions in and around St Kilda Rd have typically seen price tags of $70 million or more given the type of stock listed. Illoura House on St Kilda Rd has just sold for more than $70 million, KKR and local partner Vantage Property Investments recently sold the 10-storey office building at number 420 for at least $92 million, Shijizhuang-based Runjiang Investment acquired the nine-level 509 St Kilda Rd for $163 million through private investor Michael Xie.

and UEM Sunrise has listed the former police complex at 412 St Kilda Rd with hopes of as much as $100 million.

Bowen Cr runs between St Kilda Rd and Kings Way within the Domain Precinct. It has parklands at either end – the Botanic Gardens and Albert Park – and in addition to the tram stop on its doorstep, the delivery of Anzac Station as part of the Metro Rail network.

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