ASKEW HOUSE TIPPED TO FETCH $40M

Written on the 29 July 2015

ASKEW HOUSE TIPPED TO FETCH $40M A MAJOR freehold commercial building in Melbourne's CBD is being pitched at landbankers with an eye on future development, raising expectations that it could sell for about $40 million.

The seven-level Askew House, at 364-372 Lonsdale Street, is located between Melbourne's legal precinct and the city's retail core and delivers an annual holding income of about $2 million.

Among the ground-floor tenants is Ticketmaster.

"The property is located within a rapidly transforming section of the CBD that is currently seeing extensive redevelopment and considerable uplift which has been driven by high rise residential living and an increasing student population," says Colliers International's Matt Stagg.

The property has a site area of about 780sqm and gross floor area of about 4883sqm, with 24.4-metre frontage to Lonsdale Street.

Stagg is marketing the property with Colliers International colleague Daniel Wolman, in conjunction with Kenny Oliver and Charles Carty, of Hocking Stuart Commercial.

Wolman says the building lends itself to many uses, aided by an open-plan configuration across each level.

"This configuration, combined with its premium location, has the benefit of medium-term value-add and development opportunities," he says.

"This could include conversion to residential or hotel accommodation, an iconic mixed-use redevelopment, additional office or residential levels or strata subdivision.

"The asset presents exceptionally well both internally and externally and provides an ideal retailing and office environment.

"An asset of this calibre and size is rarely come by in any city yet alone in the centre of the most rapidly growing precinct of the Melbourne CBD."



Latest News

BRISBANE VFX PRODUCTION COMPANY CLEANS UP AT MAJOR INTERNATIONAL ADVERTISING AWARDS

AUSTRALIAN production company Alt.vfx has broken records in global advertising, becoming the first business to win...

CYCLONE DEBBIE FORCES MINE, RAIL AND PORT CLOSURES AS IT WREAKS HAVOC IN QUEENSLAND

COAL and gold mines in north and central Queensland are being seriously impacted as Cyclone Debbie makes landfall ...

FLYING START TO 2017 PASSENGER NUMBERS FOR GOLD COAST AIRPORT

RECORD numbers of travellers used the Gold Coast Airport (GCA) in January this year, continuing a five-year trend ...

SUNCORP SAYS IT'S 'COVERED' AGAINST FINANCIAL COST OF CYCLONE DEBBIE

INSURER Suncorp (ASX: SUN) says it is "well protected" against the financial impact of Cyclone Debbie th...

Related News

RAY OF HOPE FOR SLATER AND GORDON AS LENDERS STEP IN

EMBATTLED law firm Slater and Gordon (ASX: SGH) has announced to the ASX that it has launched confidential discussion...

SPROUTX PROVIDES THE SEED FOR AGTECH STARTUPS

AGTECH innovation fund SproutX has opened applications for its first accelerator round, backed by $10 million from...

GAS PRICES MAY FORCE BRICKWORKS TO TAKE MANUFACTURING OVERSEAS

BRICKWORKS Limited (ASX:BKW) chairman Robert Millner says soaring energy prices may force the company to turn to offs...

CHINA CONTINUES TO COLLECT AUSSIE PROPERTY ASSETS

CHINESE coin continues to dominate Australia's offshore real estate investment market, accounting for almost h...

EVENTS COMING UP

 

Contact us

Email News Update Sign Up Contact Details
Subscriptions

PO Box 2087
Brisbane QLD 4001

LoginTell a FriendSign Up to Newsletter