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Investors flock to Docklands as CBD office stock remains in short supply

Leigh Melbourne • 03/03/2022

As Melbourne’s best performing office precinct in recent history, Docklands is seeing an influx of offshore and domestic interest as capital looks to secure institutional grade CBD assets, which have been in high demand, since the pandemic commenced.


MECGP Asia is set to capitalise on this demand by listing a striking, nine level office building situated on Melbourne’s prestigious Collins Street, with price expectations of $200 million.


Built in 2012, 850 Collins Street boasts a modern, sustainable A grade office building with excellent natural light, large 2,155sqm floor plates, a striking façade, 142 car bays, a wide range of amenities and facilities, and approximately 17,239sqm of Net Lettable Area situated on a 2,425sqm site.


For sale exclusively through Leigh Melbourne, Nick Rathgeber, Josh Cullen and Mark Hansen of Cushman & Wakefield, via an international expressions of interest campaign, the 100% Freehold building is Situated directly opposite ANZ’s headquarters, 850 Collins Street is in the heart of a Docklands precinct which is now effectively built out and a wash with highly desirable amenity and connectivity.


850 Collins Street

Image: 850 Collins Street


Despite the competitive leasing market and options available to anchor tenant Aurecon, they recently recommitted to the building signing a long-term lease, further extending their long-standing affiliation with the building.


Aurecon’s renewal and major tenants including the highly respected charity National Heart Foundation and ASX listed CSL Behring, provide the building with a 95% occupancy rate with a WALE of 4.6 Years, providing security of income through the short-term impacts of Covid-19.


Mr Melbourne said he is expecting strong interest from both domestic and offshore investors owing to the lack of institutional grade CBD assets available for investment since the pandemic began and believes the campus style floor plates will appeal to the new way of working in the office.


Furthermore, CBD buildings of this age and lot size rarely come to market. Typically, investors look to recycle out of older assets and reinvest in assets similar to the age of 850 Collins Street.


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