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.

Artist’s impression of the view from an upper level of Victoria Place, East Melbourne.

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.

Golden Age director Jeff Xu acquired 130 Little Collins Street from the Uniting Church in June.

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Marc Pallisco

A freelance property analyst and journalist, Marc is a co-founder of realestatesource.com.au.

Marc Pallisco