Melbourne Ghost Office Sells to Chinese Investor For $45 Million

ONE of the Melbourne CBD's few remaining ghost towers has sold to a Chinese developer for $45 million.

The 21-level Communications House at 199 William Street (right) includes a 19,500 square metre office that has been vacant for more than ten years. The asset was offloaded by another Asia based investor with the registered company name Memo Corporation.

The building's site area is 3318 square metres and the building is in the heart of what is known as the Melbourne CBD legal precinct. It's residential redevelopment potential was touted throughout marketing.

Last November Australand paid $45 million for another "CBD ghost tower" - the former ASX building at 357 Collins Street. After plans by its previous owners in the downturn to convert the building into a residential use, Australand has decided to convert it back into an office. The building only has a few car parks.