Powerbroker lists Laconia House

The office (marked) contains 3438 square metres of area and 45 car parks.

Helloworld Travel director, former Liberal government treasurer Andrew Burnes, is selling South Melbourne’s historic Laconia Woollen Mills, nowadays known as Laconia House.

The five storey office at 179-185 Normanby Road, visible from the West Gate Freeway, is being offered with a six year leaseback.

Assuming a deal is struck at a 5.5 per cent yield, the businessman could be set for a $30 million payday.

The Commercial 1 zoned site spreads 2008 square metres.

Lucky timing

Mr Burnes paid $7.04m for Laconia House in late 2011 – at the end of his two year stint as state Liberal treasurer.

The property’s value ballooned about six months later when then planning minister Matthew Guy gazetted the address to allow for high density residential – part of the 240 hectare Fishermans Bend urban renewal proposal (story continues below).

The property presently enjoys views over the Melbourne Convention Centre to the CBD.

Five years ago the businessman unsuccessfully applied for a permit to replace the block with a 40 level apartment tower.

Following zoning changes made in 2018 by current planning minister Richard Wynne, the land could make way for a circa-20 storey building.

Mr Burnes was honorary federal Liberal treasurer between 2015-2019.

He is being represented for the sale by CBRE’s Scott Orchard, Tom Ryan and Jing Jun (JJ) Heng with JLL’s Nick Peden, Josh Rutman, Jesse Radisich and Mingxuan Li.

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Marc Pallisco

A former property analyst and print journalist, Marc is the publisher of realestatesource.com.au.