Bardas family list legal precinct office
The Bardas family, which once owned the Sportscraft chain, has listed a prominent office in Melbourne’s legal precinct.
At 235 Queen Street, on the south west corner of Lonsdale, also with frontage to Barry Lane, the 11 level, 3878 square metre building is expected to sell for more than $35 million.
The property occupies a 454 sqm block with development upside, the Capital City 1 zoning would allow residential, including Build to Rent.
But with the office accommodation being recently renovated, the agents are targeting investors, and owner-occupiers too.
All up, incorporating three ground floor tenancies and a telecommunications tower rented to Telstra, the asset returns annual rent of $1.8m.
Colliers’ Oliver Hay, Matt Stagg, Daniel Wolman and Leon Ma with MP Burke Commercial’s Pat Burke are representing the vendor.
Same block as the Supreme Court
The Queen St building is less than 100 metres from the County, Magistrates and Supreme courts – the latter which is on the same block.
The Commonwealth Law Courts, which sits over a Flagstaff station entrance, is also in the vicinity (story continues below).
“Freestanding office assets of this size and nature are rarely offered,” Mr Hay said.
“The scarcity of such opportunities, combined with pent-up buyer demand, has created a competitive environment amongst buyers,” the agent added.
The property is near 170 Queen St which sold to Holder East in April for $29.85m against a $25m guide.
In June, Lendlease paid $203m for 469 La Trobe St, next to another commercial building it holds, opposite Flagstaff Gardens.
Elsewhere in the area, Mirvac is seeking to build a 31 storey office at 383 La Trobe St, abutting the former Royal Mint.
Opposite 235 Queen St, ISPT is constructing a vertical campus for Victoria University, incorporating the former Titles Office and ex-Births, Deaths and Marriages complexes.
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