A rare opportunity to secure a slice of one of Melbourne’s best, and most sought after, strata office buildings is expected to generate a contested campaign in the coming weeks.
Colliers’ Anthony Kirwan, George Davies and Leon Ma have been appointed to sell Level 7 , 140 Bourke Street in Melbourne on behalf of the Burgess Rawson ownership group.
Mr Kirwan said the 664sqm office was situated in one of the city’s most tightly held office buildings, with a colourful history.
“140 Bourke Street is a blue-chip East End location surrounded by the ‘Paris End’ of Collins Street, the Bourke Hill Theatre and Restaurant Precinct, Chinatown and Bourke Street Mall”.
“The square floorplate is ideally suited to businesses of 20-50 employees. Occupying two titles the floor is also conducive for functional dual or split tenancies as an income diversification and maximisation strategy. In addition, the property is accompanied by four basement car parks”.
Burgess Rawson has just concluded its 150th portfolio auction campaign, an initiative which has been running for 20 years. In 2021, the agency transacted 321 auction sales with a 92.2% success rate, a total of $1.34billion in sales volume.
“We have loved this office and our business has thrived here. The accessibility for our staff and clients from all areas of Melbourne is first class. We’ve enjoyed its proximity to the Paris End of the CBD as well as Chinatown, and the great venues on Bourke Hill,” Burgess Rawson Director, Shaun Venables, said. “Unfortunately, we’ve outgrown the office so we are only moving around the corner to Charter Hall’s new office building in Wesley Place. We were really concious that out team didn’t want to move too far from where we are.”
“We hope the next owners and occupants of level 7 find as much to love in this space as we have.”
Formerly a Hoyts Cinema, 140 Bourke Street was developed in 2004 by Riverlee. The most recent whole floor transaction was Level 11 selling for $6.975 million in 2019. In addition, the Virgin Active Gym on Level 1 sold for $33.96million in 2017 by Sentinel.
The property will be sold with strong short-term rental income. Colliers expects Level 7 to attract interest from investors and owner occupiers in the vicinity of $7million.
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