CEL's 420 St Kilda Road under offer

The 420 St Kilda Road, Melbourne office block is under offer.

The developer CEL Australia, an offshoot of Singapore listed property group Chip Eng Seng, had $65 million-plus hopes for the 10-level office building.

It last traded at $45 million for in December 2013 when the Savills marketing noted the 10,528sq m space had a net passing income of $3,675,000 per annum.

CEL listed it in the hope of capitalising on the recent strong performance of the St Kilda Road office precinct where residential conversion has helped drive down the vacancy rate from a peak of 14.2 per cent to six per cent over recent times.

The 420 St Kilda Road spaces serves as CEL's local head office alongside tenants, ANZ Bank and APP Corporation.

The corner site of 2,286sq m came with 105 metres of total street frontage to St Kilda Road and Kings Way.