West Melbourne Office Sells to Singaporean Developers For $41.5 Million

A WEST Melbourne office building near the north-west tip of the CBD sold to Singaporean developers this week for $41.5 million.

The 10-level, 13,135 square metre office at 383 King Street, near the corner of Dudley Street, was a passive investment for the vendors, Henkell Brothers , which purchased it for $34 million in 2010.

On a 2206 square metre block, the new owners are expected to replace the low-rise office, for years leased to the National Australia Bank, with a landmark apartment project. Given planning densities around the inner-city, however, the site could make way for more than one building.

The asset is a few hundred metres from the CBD and opposite Flagstaff Gardens.

Sites around the nearby Victoria Market have recently made way for 60-plus level apartment complexes. Last week a 300-metre approximate 93-level apartment tower was proposed for Spencer Street, at the western edge of the Melbourne CBD.

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Marc Pallisco

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