Prime CBD building hits market for first time in 36 years

A prime Melbourne CBD office building situated at the epicentre of the city’s financial, legal and retail precincts is set to change hands for the first time in 36 years.

Colliers’ Oliver Hay, Anthony Kirwan, Daniel Wolman and Leon Ma have been appointed by Power Investment Corporation Pty Ltd, to sell 365 Lonsdale Street in Melbourne by International Expressions of Interest closing Wednesday June 15.

The freestanding building with rear laneway access offers 1,151sqm of building area over three levels, including ground floor retail and two levels of office and is underpinned by 415sqm of prime CBD land.

Agents expect the prominent property, which last changed hands in 1986, to attract interest in the vicinity of $9.5million.

β€œ365 Lonsdale Street is ideally located in a central Melbourne CBD location, being situated between the city’s financial and legal precincts, with the renowned Bourke Street Mall only a short walk away,” Mr Hay said. β€œThe benefits of the site are derived from its flexible zoning in a central location, enabling exciting value-add and development opportunities to be considered in the future.

Mr Kirwan said: β€œProminent freestanding CBD buildings with expansive street frontage such as 365 Lonsdale Street are extremely tightly held, often through generations, and are rarely offered for sale.

β€œIt represents an outstanding opportunity for a private family office, corporate owner occupier, passive and value-add investor, syndicate, or developer to acquire a trophy Melbourne CBD commercial asset.”

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