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Landmark Melbourne CBD property up for sale

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Melbourne's 114 William Street office tower is finally on the market after 12 months of being eyed by investors wanting to include it in their property development portfolio

Property developers Kyko Group, which owns the much desired property, is seeking expressions of interest  via CBRE and Colliers international. 

If recent trends are anything to go by, the asset should fetch a healthy price. The CBW site, which is located at 184 William Street, was sold for a whopping $608 million not long ago.

The Group's Director, Bill Jenkings says he expects local and international buyer interest.

"The timing is right for us to sell 114 William Street and it accords well with what we believe to be a very good market.  Over the past 12 months we have been strongly targeted with off-market approaches however we felt it most appropriate for us to take 114 William Street to the open market via a public campaign," he said. 

Located at the popular western end of the Melbourne CBD, the building is a 25-level tower with an area of around 21,058 square metre area across 22 levels which can be leased. There is also a two-level basement parking that can fit up to 106 cars. 

Kyko Group recently implemented a sustainability upgrade plan to the tower, which lead to a few prominent lease deals and solid demand. Key tenants of 114 William Street tower include Westpac, AMC Consultants, Cornwall Stodart Lawyers, Host Plus, Bentley Advisors Pty Ltd and MacPherson & Kelley Lawyers as well as three outstanding ground floor retail tenancies.  

The Expressions of Interest campaign is being run by CBRE's Mark Coster, Luke Etherington and Rick Butler in collaboration with Leigh Melbourne and Nick Rathgeber of Colliers International.

"114 William Street is now a prime opportunity for investors and is a building that we expect to attract considerable interest from investors locally and from Asia, the US and EMEA," said Mr Coster​.

Expressions of Interest in 114 William Street close May 27, 2015.

Date Published: 10 Apr 2015
Category: General News

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