Melbourne Centrelink sells for $14.5m
An inner-city Melbourne Centrelink with significant development upside has sold for $14.5 million off-market.
The result for 75 Moore Street, Footscray, reflects a 7.8 per cent net passing yield.
The buyer, a local private investor, was represented by Charter Keck Cramer’s Lachlan Devince.
Knight Frank’s Tom Ryan, Paul Lillis and Jacob Haydock acted for the vendor which paid $16.75m in 2021.
The asset failed to sell following public marketing campaign in 2023.
Development upside
Completed 14 years ago, 75 Moore St, also exposed to Byron, contains 2259 square metres over two levels and 40-bay basement car park.
The federal government’s Services Australia is on a lease expiring in 2034 (continues below).
The office carries a 5-star NABERS Energy rating.
The site spans 1697 sqm next door to the ex-Franco Cozzo store – now a brewpub with a c800-person capacity, Moon Dog Wild West.
Zoned Activity Centre, the land has significant development upside – up to 10 levels.
Footscray is about five kilometres west of Melbourne’s CBD.
“This asset, situated on Melbourne’s city fringe, has strong connectivity, being close to many transport options, as well as amenity and major projects that will boost growth, including the $1.5 billion Footscray Hospital, just 950 metres away,” Mr Lillis said.
“This result reflects the depth of buyer demand for defensive assets offering strong income security and future growth potential,” he added.
Subscribe to our newsletter at the bottom of this page.
