Netball Victoria offloads West Melbourne HQ

Netball Victoria has sold its outgoing West Melbourne headquarters for a speculated $4.8 million.

EXCLUSIVE

Netball Victoria has sold its West Melbourne headquarters ahead of a move to Parkville’s State Netball and Hockey Centre next year.

The double storey office on a 404 sqm plot at 487-489 King Street is speculated to be trading for $4.8 million.

Less than a block from Flagstaff Gardens and 500 metres from the CBD, it contains 766 sqm of A-grade office area, part of which is occupied as Melbourne Vixens’ base.

It also includes basement parking for at least 10 cars.

Netball Victoria paid $950,000 for 487-489 King Street in 1997.

It appointed Charter Keck Cramer as transaction manager ahead of selling it.

Savills Jesse Radisich, Nick Peden, Clinton Baxter and Benson Zhou were the marketing agency, closing an expressions of interest campaign on April 1 – the week following the introduction of social distancing measures in Australia.

The Mixed Use zoned property would allow a commercial or residential redevelopment – the land able to make way for a tower rising about eight levels.

Also today we reported a developer paid $2.7m for 437-441 Spencer Street, West Melbourne, about 350m from Netball Victoria’s outgoing base.

That site was offered with a scheme, but not a permit, for a 17-floor hotel.

The high quality office contains a basement car park.
The site (marked in image above and bottom) with rear lane access is about 500 metres from Melbourne’s CBD.

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Marc Pallisco

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

Marc Pallisco