RACV Pays $42 Million For Eagle House, Bourke Street

Eagle House, at 473 Bourke Street, is a 37-year-old, 8962-square-metre glass-clad office building, refurbished between 1999 and 2001.

The strategic property purchase comes a year after the RACV undertook a $10 million refurbishment of its City Club business and conference centre, part of its four-year-old 501 Bourke Street complex, which also includes members-only accommodation, a gymnasium, public and private dining rooms and offices.

"Eagle House is fully leased with secure long-term tenants and RACV intends to keep this arrangement in place for the time being," RACV managing director and chief executive officer Colin Jordan said. "However, ownership of this property now opens up a wide range of options for the RACV to consider regarding any further expansion of the City Club, ensuring our members continue to enjoy the facilities on offer."

Mr Jordan said relocating some of RACV’s City Club administrative staff to Eagle House, to allow its members use of more "higher end" space at 501 Bourke Street, was an option.

However, this could mean displacing some high-flying tenants, including Jetstar, and legal eagle Robert Richter & Associates.

Burgess Rawson executive David Robertson marketed the building off market, on behalf of the building’s private investor owners.

The RACV’s 27,000-strong membership will swell this month, if members of the recently bankrupt Naval & Military Club accept an offer to join the automobile club.

The Naval & Military Club building in Little Collins Street failed to sell after being put to the market late last year.

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Marc Pallisco

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

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