A newly listed five-storey South Melbourne building is expected to generate interest upward of $15 million.

The 4258-square metre building at 71-73 Palmerston Crescent has been listed by Colliers International and features five levels of office tenants.

The property neighbours Australian Unity’s Albert Road building and will be sold by Colliers’ Daniel Wolman, Matt Stagg and Oliver Hay.

“This landmark freehold is expected to generate significant interest from a diverse range of local and offshore groups due to its premium location, flexibility of future use and the surge in sentiment following the Federal Election and recent changes in fiscal policy,” Mr Wolman said.

“There are very few remaining opportunities of this scale within the South Melbourne office precinct, as properties of this nature very rarely come to market.

“With a range of national commercial office tenants and a ground floor café, the property benefits from diversified income streams.”

At a glance: 

• Listed for sale for expressions of interest
• The 4258-square metre building at 71-73 Palmerston Crescent has been listed by Colliers International
• The estate agency expects the property to sell for at least $15 million 
• The building features five levels of office tenants 
• Floor Area - 2,711 m²
• Land Area - 818 m²

Mr Stagg said the surrounding area remained one of the most popular locations in Melbourne for commercial tenants due to its convenience and accessibility to the CBD.

The prospective Anzac train station will also likely make the area attractive.

The station is expected to provide access to 33,000 jobs and service 17,000 residents in a 800 metre radius by 2031, according to the Victoria government.

“The Melbourne CBD, St Kilda Road and Southbank are readily accessible by tram from the property, whilst the Royal Botanic Gardens, Albert Park Lake, Shrine of Remembrance are all within walking distance,” Mr Stagg said.

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