Residential conversion mooted for St Kilda Road police centre
One of St Kilda Road’s prominent office towers, the St Kilda Road police complex has been listed for sale.
It is situated on a corner site at 412 St Kilda Road.
The 21 level office building has the potential for a residential conversion with St Kilda Road having been one of Melbourne’s sought after apartment locations.
The planned residential conversions are tipped to put St Kilda Road’s office vacancy rate in single figures by 2017 with an average of 13,267 square metre of office stock expected to be removed annually over the next five years.
With Victorian Police not extending its lease over the property beyond mid-2016, the sales campaign is underway through CBRE’s Mark Coster, Mark Wizel and Josh Rutman in conjunction with Dawkins Occhiuto’s Walter Occhiuto and Andrew Dawkins .
Offers close 31 July for the building located at the city-end of St Kilda Road.
The property’s Commercial Zone 1 zoning under the Port Phillip Planning Scheme aims to create vibrant mixed use commercial centres for retail, office, business, entertainment, residential and community uses.
However current residents complain there is a lack of suitable supermarket retail along the strip.
The property’s corner location, with three street frontages allows good natural light and views of the Royal Botanic Gardens, the Shrine of Remembrance and the CBD, as well as Albert Park Lake and Port Phillip Bay.
Another offering comes from the boutique fund manager Calibre Capital
The nine-level tower at 509 St Kilda Road has almost 19,700 square metres space, with tenants including Transfield and Australia Post
It is near the Commercial Road junction backing onto Fawkner Park.
Abacus sold the 18-storey building at 484 Bondi Junction Road for $94 million which was bought three years ago for about $68 million.
Two years ago, Newmark Property acquired the 20,500-square-metre tower at 417 St Kilda Road from Challenger for $81.3 million.
Singapore’s International Healthway Corporation acquired 553 St Kilda Road for $45 million.
IHC purchased 541 Bondi Junction Road for $35.75 million.