The former headquarters of IBM and Bank of China is set to hit the market.

CBRE’s Nathan Mufale, Alex Brierley, David Minty and JJ Heng are marketing the property for sale via an International Expressions of Interest campaign.

Located at 268 Queen Street in the Melbourne CBD, the offering comprises a 767sqm existing office building.

The three-level building is situated on a 455sqm site, which offers 12.9m frontage to Queen Street and rear access via Finlay Lane. The property also includes eight car parks.

CBRE’s Nathan Mufale said, “the offering will appeal to multiple buyer profiles including owner occupier and value add investors looking to utilize the existing improvements as well as experienced developers looking to capitalize on the recently obtained planning permit to deliver a premium product.”

Designed by RPC architects, the planning permit provides the opportunity to deliver a 13- level mixed use tower.

“We expect to receive strong interest from domestic, interstate and international developers who rarely experience the opportunity to secure permit approved sites in the Melbourne CBD, with so few permits obtained over the past 5 years.”

“The highly versatile nature of the existing building will be especially attractive to investors and occupiers, given the opportunity to further improve and utilise parts of the building as well as capture prominent signage exposure. The rooftop is also ideal for additional activation.” Mr Brierley added.

The property is located close to the Queen Victoria Fresh Food Market, which is being revived and redeveloped as part of the government-backed $450 million Queen Victoria market and Munro development project.

Other major developments surrounding the offering include Victoria University’s long- planned vertical city campus currently under construction at nearby 364-378 Little Lonsdale Street. The 24,000sqm City West Precinct will provide space for students from Victoria University (VU)’s Polytechnic, as well as its Business School, College of Law and Justice, and College of Health and Biomedicine.

CBRE’s Mr Minty commented on the surrounding projects: “Both projects will bring a greater density of residents, students and city-dwellers to the precinct, with the area also set to benefit from the 3L Alliance $1 billion Queens Place development.”

Expressions of interest are set to close for 268 Queen Street in November. 

To request a copy of the Information Memorandum please contact one of the marketing agents CBRE’s Nathan Mufale, Alex Brierley, David Minty and JJ Heng via the contact details below.