RANZCOG pays $19.6m for Lindsay Fox’s former South Melbourne HQ

The seven storey office sits on a 642 square metre block which agents marketing it last year said could be replaced with something taller.

Private investor and developer Brendan Sullivan has flipped an inner south Melbourne office nine months after agreeing to buy it.

The Royal Australian and New Zealand College of Obstetricians and Gyneacologists is spending $19.6 million on 1 Bowen Crescent, to occupy.

Mr Sullivan bought the renovated investment for $17.5m.

That vendor, IT entrepreneur and philanthropist Malcolme Freak, paid $13.6m in 2017.

RANZCOG’s outgoing East Melbourne headquarters, College House, can’t be demolished but a 14-level building could be developed into the airspace – like Mirvac and Freemasons Victoria have done next door.

With 2686 square metres over seven floors, rooftop deck (pictured, top) and 30-bay basement car park, the office was developed in the 1980s by Lindsay Fox as his headquarters.

About 2000 sqm recently available for lease is expected to be used by the owner.

Considered part of the St Kilda Road precinct, the 642 sqm site is gazetted Melbourne with a (3004) postcode different to the city,

It is close to the Domain train station, under construction as part of the $11 billion Metro Tunnel project, which will connect South Yarra to North Melbourne’s Arden by 2025 (story continues below).

RANZCOG’s outgoing HQ will look different in a few years

JLL’s Alex McColl and James Thorpe represented Mr Sullivan.

The same agents, with colleague Steve Kelly, sold RANZCOG’s outgoing East Melbourne headquarters in January.

That property, 254-260 Albert Street, includes a c1873 two storey mansion, College House, with 1454 sqm of area.

On a 1533 sqm Commercial 1 zoned block and next door to a new 14-level apartment building, The Eastbourne, the agents promoted it squarely to developers: Queensland’s Pask Group buying it for c$22m.

Elsewhere in the pocket, Sydney builder Luxcon recently spent c$30m on a nine-level office at 372-380 Albert Street with plans to refurbish and extended it as an apartment complex.

RANZCOG paid $460,000 for its outgoing base in late 1981.

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Marc Pallisco

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