East Melbourne’s Victoria Place for sale on a fund-through basis
Melbourne developers Time and Place and Golden Age, the latter which is directed by Jeff Xu, are selling an unbuilt East Melbourne office on a fund-through basis.
The Victoria Place complex is expected to be worth in excess of $300 million upon completion in 2022.
The proposed 11-storey, 26,300 square metre A-grade office will replace two sites until recently owned by National Australia Bank, including a former data centre.
Agents launched a leasing campaign for tenants last May.
Victoria Place was permitted for development in March.
In June, we reported that Golden Age was considering selling its half-share interest (though it was speculated that if a buyer could be found, Time and Place might consider offloading its interest, too).
This week however, JLL’s Nick Rathgeber and Leigh Melbourne launched a public sale campaign for 100 per cent interest of the project.
The listing comes three months after we reported, exclusively, that Jeff Xu paid the Uniting Church of Australia about $43 million for an office at 130 Little Collins Street, permitted to make way for a 26-storey hotel.
