Developer buys high-profile Melbourne Officeworks
Officeworks’ days at 231 Kings Way in South Melbourne are numbered with the landlord selling the site to a developer.
Paul De Lutis is banking a speculated $75 million for the 4707 square metre property.
Time & Place is the buyer.
The local builder is completing another project, Park Modern, at nearby 11-27 Dorcas Street, South Melbourne.
Last year it bought an apartment development site in Park St, in the suburb.
Led by Tim Price, the group is also behind the Queens Bridge tower under construction at Southbank, abutting Kings Way.
CBRE’s Nathan Mufale marketed 231 Kings Way.
The campaign was launched in 2023 (continues below).
This pocket of town is about two kilometres south of the CBD.
Officeworks on way out
Mr De Lutis offered 231 Kings Way at the south east corner of Bank Street, also exposed to Little Bank, with plans for several high rise apartment buildings
Officeworks is set to move out of the 2083 sqm showroom with 50 car parks.
It was paying $1,573,811 annual rent three years ago. During that campaign, the retailer also said it would welcome staying on as part of any redevelopment.
Colliers’ Jake Beckwith recently launched a lease campaign.
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