South Melbourne office landmark listed with $15 million expectations

A landmark building within South Melbourne's office precinct has been listed for sale.

The property, which neighbours Australian Unity’s Albert Road building, is expected to generate interest upwards of $15 million. 

Situated at 71-73 Palmerston Crescent, it offers 4,528 sqm across five levels including 40 basement and ground level car parks.

Servicing the five levels of office tenants and surrounding office and residential buildings is a ground floor café.  

“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."

Strategically located in the middle of the Domain and Albert Park precincts, 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. 

Colliers International’s Daniel Wolman, Matt Stagg and Oliver Hay have the listing.