Classic art deco building on offer at prized Melbourne CBD location

JLL has been appointed to sell a stunning art deco office building in the heart of Collins Street’s prime legal and financial district.

JLL’s Nick Peden, Josh Rutman, and MingXuan Li have been appointed to sell the building, which is expected to sell for more than $30 million.

JLL Director Capital Markets—Victoria, Mr Peden, said the century-old building is bookended by major development projects by GPT and CBUS including the Collins Arch building.

“From its ornate facade to its lavish foyer, the former Commercial Union Chambers building at 411 Collins Street will impress potential buyers.

“Collins Street stands alone as Melbourne's preeminent business address and has endured as an investment destination through all market cycles,” he said.

Mr Peden said the current owner had spent $6.2 million over the past three years making upgrades sympathetic to the building's historical roots. These upgrades are epitomised by a striking ground-level entry foyer adorned with the highest-quality finishes.

He said only three Collins Street freehold buildings (sub $50m) have changed hands in the past five years, highlighting the rarity of this offering.

“The building offers 3015 sqm of fully refurbished floorspace over nine levels and is leased to six high-quality and established tenants, including global tech giant Alibaba,” he said.

Mr Rutman said the building offered light-filled floor plates of around 400 sqm with a small vacancy that would suit an owner-occupier or boost the fully leased income to $1.86 million p.a when leased.

“This building has it all—excellent tenants, convenient on-site parking, and proximity to trams and trains,” Mr Rutman said.

He said the building would be ideal for a local or overseas private investor.

411 Collins Street, Melbourne, is for sale by International Expressions of Interest, which will close on Thursday, September 5, at 2 pm (AEST).