On a 913 square metre block, the 14-level building has 8513 square metres of lettable area, with the lower two levels being retail. It’s currently 24 per cent occupied with break clauses in existing leases to enable vacant possession by June 2012.
With a 40.2 metre frontage to Bourke Street, the building is expected to arouse interest from residential developers. The site has also previously mooted as a potential hotel.
The purchase of the asset nearly four years ago tipped the value of Charter Hall’s national portfolio beyond $1 billion for the first time. It is now being marketed by Colliers International’s Leigh Melbourne and Nick Rathgeber with Savills Clinton Baxter and Dominic Long.