A commercial office building in Collins Street is expected to attract interest of upwards of $50 million when it hits the market in coming weeks.
Property investor Jason Yeap is placing 520 Collins Street, a 15-level office building on a 836sqm site, on the market. The property was acquired by Mr Yeap's company Mering Corporation in two stages in 2003 and 2004 for a total price of $15 million.
Colliers International’s John Marasco and Matt Stagg have been appointed to sell the building.
Mr Marasco said 520 Collins Street would appeal to local and offshore high net worth private investors, family offices and fund managers.
“520 Collins Street provides the opportunity to secure a prized commercial investment on the most tightly held street in the Melbourne CBD,” Mr Marasco said.
Situated on Collins Street directly opposite The Rialto and Intercontinental Hotel, the office building has a net lettable area of 8,554sqm. It includes ground floor retail and secure car parking.
Mr Stagg said the building had a Capital City 1 zoning which enabled future development outcomes to be considered, subject to Council approval.
He said there was currently several billion dollars worth of commercial, retail, residential and hotel developments planned or underway between Queen Street and Spencer Street in the Melbourne CBD. Developments include 447 Collins Street (Cbus), a major refurbishment of the Rialto (Equiset & St Martins), and 555 Collins Street (Fragrance Group).
The property will be sold via an Expressions of Interest campaign closing late April 2015.