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News release

Melbourne

JLL appointed to offer for sale the prominent office building 12 Riverside Quay on Melbourne’s Southbank Promenade


The headquarters office of the ExxonMobil Australia group of companies, situated on Melbourne's Southbank Promenade on the Yarra River will be offered for sale for the first time. JLL VIC Sales & Investments Directors James Kaufman, Langton McHarg and David Bowden have been exclusively appointed to market the riverfront asset. This is one of only four commercial office buildings in Melbourne with frontage to the Yarra River and a freehold title. 

The 14-level building, located at 12 Riverside Quay, Southbank was built for the current owner in 1995 and comprises 21,000 sqm of office space with capacity for 1,000 employees.  The north facing building is easily accessible by City Road and connected directly to the Melbourne central business district and Flinders Street train station by two footbridges crossing the Yarra River, St. Kilda Road and Queensbridge Street. 


The building is situated on a large standalone site of 6,600 square meters, with significant distance between the adjoining buildings on all sides providing view corridors and excellent natural light. A glass-covered rainforest atrium and three-level underground carpark for 220 spaces is included with the building. The north facing building has scenic views of the Melbourne central business district across the Yarra River. 

Mr Kaufman said, "The building presents potential for refurbishment, with an opportunity to integrate retail on the ground floor waterfront promenade and minor upgrades to the office space to offer state-of-the-art facilities. The property offers great potential for owner occupiers or investors seeking a core asset". 

Southbank is Melbourne's bustling waterfront hub, renowned for restaurants, public art and stylish retailers.  Dominated by high-rise development, it is one of the primary business centers in Greater Melbourne, being the headquarters of many major corporations, in a cluster of towers with over 203,800 sqm of office space. 

Mr McHarg said, "Melbourne office assets are attractive in comparison to other office markets. Strong investor demand has seen yields in Melbourne's office markets compress significantly over the last 12 months to record lows".  According to JLL VIC Research Director Annabel McFarlane, Southbank recorded a 6.8% office vacancy, compared to the central business district 9.2% vacancy. 

"The Melbourne market continues to be a focus of investors globally and we are anticipating very strong investor interest in this asset, particularly because of its prominent location and exceptional potential," Mr McHarg said. "The property will appeal to domestic institutional, international and local private investors, as well as partial owner occupiers". 

The property will be offered by an international expressions of interest campaign closing 18th August, 2016.