A Melbourne landmark – the Skipping Girl – and the waterfront office complex she graces has hit the market, with price expectations of $20 million.
Located within the Victoria Gardens Riverside precinct known as
"Skipping Girl Place", the 651 Victoria Street property, is being sold for the first time in more than 30 years via an international expression of interest campaign.
Understood to be the first animated neon sign in Melbourne, ‘Little Audrey’ and her skipping rope have been part of the Melbourne skyline for more than eight decades, and even immortalised in pop culture through artwork and music.
The four-level office complex of 3,677sq m sits on a 2,971sq m commercial 1-zoned landholding in the city-fringe precinct of Abbotsford.
CBRE’s Josh Rutman, Scott Orchard and Lewis Tong will manage the campaign in conjunction with Colliers International's Peter Bremner, Rob Joyes and Rachael Clohesy, with the transaction managed by Vantage Property Investments.
Rutman expects the campaign will generate wide-ranging interest in Skipping Girl Place thanks to its iconic status of the heritage-listed sign, combined with the location and potential of the site.
“It's also buying into a fundamentally sound piece of commercial real estate; a large landholding in a highly desirable locale with a strong income stream and several future options for adding value," Rutman said.
The listing follows the sales of nearby 45 and 50 Grosvenor Street and 36 Grosvenor Street – both to mainland Chinese investor interests for $37 million and $17 million respectively – and a major carpark transaction next door by Forza Capital for $12 million in April 2019.
“The demand for sites in Abbotsford and the precedent set by adjacent buildings suggest there is strong opportunity for a high-density, mixed-use development benefiting from views over the Yarra River and unrivalled retail and lifestyle amenity,” Rutman noted.
With Melbourne office vacancies at record lows, Colliers’ Bremner noted increased interest in Abbotsford as a commercial hub.
“Tenants occupying older style offices in the surrounding area are increasingly seeking alternative accommodation as these buildings make way for new developments,” Bremner said.
The international expressions of interest campaign will close on March 20.