Last year, Macquarie Real Estate Capital and joint venture partner Lustig & Moar, listed for sale a 1453 square metre site at 42 – 48 Balston Street nearby, earmarked to become a 37-level apartment tower.
Both sites are near the busy Kings Way offramp of the West Gate Freeway, near the Crown Casino and the Melbourne Exhibition Centre.
Gross Waddell’s Michael Gross, who is marketing the ARC site with Andrew Greenway, is expecting about $5.5 million for the Kavanagh Street property.
In about 2001, ARC sold its Balston Street headquarters to developer Central Equity for $20 million.
At about the same time, it paid $7.1 million for the Harcourt Street, North Melbourne, site, set to become the ARC’s next headquarters.