Melbourne Theosophical Society lists its Russell Street building

The Melbourne Theosophical Society has listed its Melbourne CBD building its held for 45 years.

It is expected to fetch around $20 million through Savills agent Nick Peden, Clinton Baxter and Benson Zhou.

MTS paid $180,000 for 124-130 Russell Street in 1972, opposite the QT Hotel.

The five level retail and office building totals 2591 sqm on a 519 sqm site with nearly 22 metres of frontage to Russell Street and second frontage to Melbourne Place.

Peden said it reflects one of the best CBD purchase opportunities in 2017.

"Opportunities like this simply do not come up very often," Peden said.

"The fact that the building has been held for nearly 50 years is testament to that."

He said while the property was fully leased to a number of tenants on short term agreements, it offered significant upside as it is with the current very low net rental representing massive growth potential.

"The property has extraordinary upside from a rental point of view alone without taking into consideration its many other attributes."

Savills agent Clinton Baxter said one of the property’s key selling points was its potential value to a range of purchasers to occupy, redevelop, refurbish, subdivide, value-add or simply invest.

"The property will be attractive to a wide cross section of buyers from around Australia and internationally, particularly from Asia, not simply because of its exceptional east end CBD location and strong growth prospects, but also due to its potential to suit a number of different buyer options."