Developer swoops on ex-Victoria Police building
Centurion has swooped on an under-utilised Melbourne CBD office – the 1960s ex-Victorian Police Association headquarters – with plans for student accommodation.
The Singapore based group is paying less than $30 million, sources say, for the asset and an adjoining building, all up with 2800 square metres, at 41-45 Mackenzie Street.
A skyscraper with 575 beds is expected; the 1013 sqm site neighbours a 44 storey tower (La Trobe Tower at 70 La Trobe St) and is near Abode, at 318 Russell St, rising 57 levels.
It is also close to a 26 level, 533-bed student accommodation complex, 23-29 Victoria Street, recently completed by Scape.
Private investor Lucy Platt, via Mackenzie Square Developments, formerly co-controlled with Sam Beitner, paid $1.17m for 41-45 Mackenzie St in 1994.
Cushman & Wakefield’s Daniel Wolman, Oliver Hay and Leon Ma brokered the off-market deal, they declined to comment other than to say a third of inquiry was from offshore investors.
The asset failed to sell after a public campaign with a different agency in late 2023 – when it carried c$40m price hopes.
Elsewhere in Melbourne, Centurion controls the Dwell Village Melbourne complex at the bottom of Flemington Road near the Haymarket roundabout.
It also recently announced plans for a 730-bed student accommodation complex in Sydney.
The VPA building sale comes eight months since Malaysia’s Sime Darby Properties paid c$115m for a car park on 3218 sqm at 380 Queen St, on the north east corner of A’Beckett, also with plans for high rise residential.
Last week meanwhile, we reported Hong Kong investor PAG, or Pacific Alliance Corporation, was paying Dexus $260m for the Flinders Gate office complex which includes the historic Ball & Welch building and 1017 car parks.
Victoria Police bought a replacement base in East Melbourne from HIA two years ago for $31m – presently subject to a permit for a 300-person liquor licence.
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