Office on Melbourne’s Yarra River sells for c$40m

An aerial view showing the Abbotsford office which backs onto the Yarra River.

Members of Melbourne’s wealthy Holckner family have sold a riverside office in Melbourne’s inner north-east suburb of Abbotsford for a speculated price of about $40 million.

The 5927 square metre site at 64-78 Trenerry Crescent is fully leased until 2020 to John Holland which pays net annual rent of $2.4 million.

In March the engineering contractor pre-committed to 7700 sqm of a building under construction at 180 Flinders Street in the Melbourne CBD. This proposed 10-storey, 20,100 sqm office is controlled by Dexus.

On land zoned Commercial 1, the Abbotsford site was marketed for its potential to be replaced with something more substantial, and profitable, including apartments.

The property has an 80 metre frontage to the Yarra River and is next door to a medium density residential project. Dights Falls and Victoria Park, the former home of the Collingwood Football Club, are in the vicinity, as are two adjoining office sites, owned by the Australian Education Union, which in 2016 sought a rezoning allowing for the properties to contain residential dwellings.

Colliers International’s Peter Bremner, Rob Joyes and Trent Hobart marketed 64-78 Trenerry Crescent, which is owned by the TKG Australia Pty Ltd, a family investment vehicle directed by Mark and David Holckner.

 

Leased to John Holland until 2020, the office enjoys Yarra River vistas.

 

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Marc Pallisco

A freelance property writer and experienced analyst, Marc is the co-founder of realestatesource.com.au

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