Property fund manager Deutsche Asset and Wealth Management have put a key Melbourne office building on the market and are hoping to secure in excess of $90 million for the property.
The property, located in the heart of the CBD at 575 Bourke Street, has been billed as the first institutional grade building to come on the Melbourne office market this year.
The tower is set to interest both local and international investors, which may potentially start a bidding war in a fight to secure the prime site.
Colliers International's Nick Ratheberg and Leigh Melbourne have teamed up with CBRE's Mark Coster, Luke Etherington and Richard Butler to list the $90 million property.
“Buyers are encouraged to pursue current offerings with haste as the market is unanimous that there will be more yield compression in the 2015 calendar year,” Mr. Ratheberg said.
Judging on similar sales, the asking price for the property is in line with what is to be expected for a building of this calibre.
Bearing in mind recent sales, Deutsche Asset and Wealth Management look likely to secure the bold figure for the property.