Liberal Party sells HQ to Rolex
The Liberal Party’s Victorian division has sold its Melbourne headquarters to luxury watch retailer Rolex for $37.1 million.
Centenary Hall at 104 Exhibition Street was acquired by the party for $576,000 in 1976.
It is majority occupied by the group.
Built in 1935, it carried a guide of about $30m when it was listed last August.
On 444 square metres at the south-east corner of Little Collins St, the six-level building contains 2500 sqm of lettable area.
It was refurbished in 1995, 2002 and 2008.
In 2001, the Liberals unsuccessfully tried to sell the air-rights.
Colliers International’s Daniel Wolman, Matthew Stagg and Oliver Hay marketed this time around.
The agents fielded more than 110 inquiries, resulting in 10 bids, they added.
Rolex was represented by King Independent Property Advisers.
“With high profile ground floor tenants and being located in one of Melbourne’s most blue-chip corner locations, it is no wonder that several offers came in with a return of circa three per cent,” Mr Stagg said.
“The growth potential in the East End of the CBD is forecast to continue with vacancy rates at 1.4 per cent and the new $1.8 billion development being constructed by QIC directly across the road,” he added.
The Liberal party is set to vacate 104 Exhibition Street by this time next year.
