Melbourne’s 206 Bourke Street Hits Market: $100 Million Expected

IT’S been a major department store, a flagship city-cinema complex and a problem development site. 

And now – 206 Bourke Street is set to be Melbourne’s next nine-figure offering.

Private developer Les Smith with joint venture partner Macquarie Bank are selling the major 3140 square metre city block known between 1985 and 2005 as the Village City Centre, and occupied by the cinema as offices until mid-2008.

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Coles to Sell Target Centre, Bourke Street, Melbourne

WESFARMERS owned retail giant, Coles Group, is expected to make about $100 million from the sale of a prominent Bourke Street retail complex in the Melbourne CBD.

Coles will sell the 1982 Target Centre building (pictured, right) with a 20 year lease to Target. The complex also includes speciality retail stores, currently leased to Jetstar and Monash University.

Coles is expected to spend funds raised from the sale into its supermarket operations.

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REST Close to Buying 717 Bourke Street Office For $240 Million

A CONSORTIUM including Babcock & Brown, education facility Global Campus Management and design firm Metier3 are believed to be close to offloading a Melbourne office for about $240 million.

The distinctive 37,000 square metre office at 717 Bourke Street will soon be recognised as the new home of Network Nine, which leased space at the Docklands building after selling its long time home at Bendigo Street Richmond to Lend Lease.

BP Australia, AIG, Marsh Australia, Telstra and the Financial Ombudsman Service are other tenants at 717 Bourke Street.

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Radstock and Kendall Furniture Goes West in Melbourne

Upmarket furniture and homeware retailer Radstock + Kendall will vacate its prominent retail space at the Georges building at 162 Collins Street, and lease about 250 square metres at the ground floor of Valad’s 575 Bourke Street office tower.

Knight Frank retail leasing director Gary Loo said the retailer is following office workers and city shoppers which are increasingly commuting around the western edge of the CBD.

He said interstate travelers accessing the CBD from Southern Cross station was another factor driving tenant interest in the area.

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