Golden Age to sell interest in unbuilt East Melbourne office Victoria Place: reports

Developer Golden Age is seeking to sell its half-share in an unbuilt East Melbourne office, Victoria Place, according to reports.

The proposed 11-storey complex, estimated to have an end value of $300 million, is co-controlled with Melbourne builder, Time & Place.

Victoria Place is earmarked to replace two sites between 200 – 222 Victoria Parade: a low-rise former National Australia Bank office and neighbouring data centre. Time & Place acquired these holdings from the bank for about $60 million in 2016.

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

Colliers International’s Travis Myerscough and Andrew Beasley have been seeking occupants for Victoria Place, which was permitted for construction three months ago.

JLL’s Nick Rathgeber and Leigh Melbourne are understood to be advising on capital structures which could see Golden Age sell its half-share, according to this item in The Australian.

It is also speculated that if a buyer can be found for the entire project, Time & Place might consider selling its share.

Artist’s impression of the ground floor of Victoria Place, East Melbourne.

The proposed office will contain 25,250 square metres of A-grade space. Levels two to seven will offer large floorplates of 2750 sqm, tapering to 2300 sqm on the eighth storey. The top two floors measure 2100 sqm.

Victoria Place is being advertised as scheduled for completion in 2022.

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Marc Pallisco

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

Marc Pallisco
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