Singapore-based Wharf Street Investments has listed the Melbourne headquarters of the Bendigo and Adelaide Bank, with price expectations exceeding $80 million.
The fully-leased tower, located at 120 Harbour Esplanade in Melbourne's Docklands, is leased to the bank until mid-2025 and is one of a number of assets owned by Singaporean investor Philip Lim in Australia.
These include Melbourne assets such as 380 Latrobe Street, which was purchased for $157 million, 222 Bourke Street, and 600 St Kilda Road, purchased for $81.5 million from Arena Office Fund.
The eight-level building, which was constructed in 2005, will now be put on the block in a move to recycle capital after Lim purchased the office tower for $33 million in early-2009.
CBRE and Colliers International have been appointed to market the property by Wharf Street.
CBRE’s Kiran Pillai said the listing provided one of the first major tests of Melbourne’s office investment market in 2019.
“The Docklands precinct is one of the strongest performing office markets in the country,” Pillai said.
Pillai said he expected much of this year's commercial activity to be concentrated in Melbourne, partly because of better prospects for rental growth in the city's offices.
“Limited future supply of new buildings, significant investment into transport infrastructure and surrounding amenity have heightened demand with vacancy rates tipped to drop below 0.7 per cent,” Pillai said.
The property is one of the only buildings within the Docklands precinct to benefit from uninterrupted views across Victoria Harbour and direct access to Southern Cross Station.
