Bendigo Bank's Dockland headquarters hits the market
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Feb 13, 2019
Bendigo Bank's Dockland headquarters hits the market
Colliers International and CBRE are expected to field offers in excess of $80 million for Bendigo Bank‘s Melbourne headquarters, after it was listed by Singapore-based Wharf Street Investments.
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Colliers InternationalBendigo Bank‘s Melbourne headquarters
One of the only buildings within the Docklands precinct to benifit from uninterrupted views across Victoria Harbour and direct access to Southern Cross Station is on the market.
Wharf Street Investments announced on Wednesday it had listed the Melbourne headquarters of ASX-listed Bendigo and Adelaide Bank for sale in a move expected to generate offers of more than $80 million.
Comprising over 8,300 square metres of net lettable area, the building at 120 Harbour Esplanade, Docklands, was constructed in 2005 and is 100 per cent leased to one of Australia’s largest retail banks until July 2025, providing a secure long-term income stream.
CBRE’s Kiran Pillai, Mark Coster and Neva Courts, and Colliers International’s Trent Preece, Matt Stagg and Anna Cavar will market the property on behalf of the vendor through an International Expressions of Interest campaign.
Mr Pillai said the listing provided one of the first major tests of Melbourne’s office investment market in 2019.
“The Docklands precinct is one of the strongest performing office markets in the country," he said.
"Limited future supply of new buildings, significant investment into transport infrastructure and surrounding amenity have heightened demand with vacancy rates tipped to drop below 0.7 per cent,” he said.
“With rents at the property coming off a low base, the property offers investors the opportunity to secure a high-quality building with an excellent covenant plus strong prospects for short and medium-term rental growth."
His sentiments were echoed by Mr Preece, who said the offering was expected to generate a strong level of interest from both offshore and domestic investors.
“The property is strategically positioned to capitalise on the State Government’s recent $225 million commitment to upgrade the adjoining Marvel Stadium, which will transform the precinct into a truly world class sports and entertainment hub," he said.
The International Expressions of Interest campaign will commence on February 18, 2019.
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Important Information:
Contact details:
Kiran Pillai
CBRE
+61438381172
Email
7320
7316
Kiran Pillai
Trent Preece
Knight Frank Head of Institutional Sales Victoria
Email
7320
7318
Trent Preece
