Office building on King Street attracts significant interests

April 15, 2018 by  

Although West Melbourne’s King Street has a longstanding repute as a leisure precinct, an office building up for sale is changing the minds of many people.

The 12-storey office block on the corner of Bourke Street and King Street has gained the interest of serious potential buyers from Singapore and other far away locations. Buyers are said to be willing to spend tens of millions on the property which has an excellent location and triple street frontage, facing King Street, Bourke Street, and Gallagher Place.

According to CBRE’s Josh Rutman, the popular office building may soon reach a whopping $60m. He further explained that there is currently an undersupply of office buildings in Melbourne, thus sparking the interest of local and international developers and investors towards the King Street property. Rutman also added that although the previous owner of the office building was getting strong revenue from leases, the long-term future of the site is more likely to incline towards new development opportunities.

Current tenants in the office building are such as Toshiba, Pragmatic Training, and Study Group.

For more information on the latest real estate news, speak to a real estate agent who will be able to provide useful information such as property locations, prices, and calculated future predictions of the property market. Business cards of real estate agents are a good way to obtain their contact details.