RANZCOG offers $20 million-plus East Melbourne HQ as development play

The Royal Australian and New Zealand College of Obstetricians and Gynaecologists (RANZCOG) is selling its East Melbourne headquarters, opposite Fitzroy Gardens.

The two storey structure, built in 1873 at 254-160 Albert Street,is expected to sell for more than $20 million.

RANZCOG acquired the property in late 1981.

The 1533 square metre site (marked) is less than a kilometre from the Melbourne CBD.

Next door, Freemasons Victoria and Mirvac recently teamed to replace the Dallas Brooks Hall concert hall with a luxury apartment complex, The Eastbourne – where in 2016, more than $300 million worth of flats famously sold off-the-plan in three days.

JLL’s Michael Godfrey, James Thorpe, Alex McColl and Steve Kelly are marketing the RANZCOG holding as a development opportunity, too.

The 1454 square metre double storey office at 254-260 Albert Street, East Melbourne, is heritage protected. But any incoming owner can build 30 metres into the airspace, like next door.

The 1533 square metre site is zoned Commercial 1 which would allow for a high-density, mixed-use development comprising residential of up to 30 metres, like The Eastbourne.

Any redevelopment of the airspace must incorporate the heritage listed building.

RANZCOG plans to relocate elsewhere in Melbourne’s city fringe following any sale.

Elsewhere in East Melbourne

Last month we reported that Time & Place and Golden Age Group listed its unbuilt 11-level, 26,300 sqm Victoria Place office in the area for more than $300 million.

In April, private investor Brendan Sullivan unsuccessfully tried to sell his office at 122-130 Wellington Parade, which had price hopes of about $45 million.

A sub-penthouse within Salta Property’s 150 Clarendon Street complex hit the market for $46 million in May, before being discounted to $36 million, then withdrawn, in August.

The lounge and city view from the 150 Clarendon Street sub-penthouse which failed to sell after being listed for $46 million in May.

In 2012, the Royal Australian College of General Practitioners (RACGP) paid $25 million for the former Melbourne Water headquarters at 100 Wellington Parade to owner-occupy.

RACGP relocated from 1-7 Palmerston Crescent, South Melbourne – a property it occupied for 17 years – but sold for $9 million the week before it picked up the six-level East Melbourne office.

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Marc Pallisco

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