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Market Insights

01.05.2019

Uniting Church lists Little Collins building with approval for 26-storey hotel

The Uniting Church Synod of Victoria and Tasmania has put its 130 Little Collins Street office building on the market in Melbourne’s prized east end.

The building boasts a net lettable area of 3,797 square metres, comprising eight levels of office, ground floor retail, and 15 car spaces.

It is on a 651 square metre corner site with 53 metres of frontage to Little Collins Street (16 metres) and Coromandel Place (37 metres). 

The Uniting Church has occupied the building since its construction.

It has decided to offer the property to market in anticipation of its move to the redeveloped Wesley Place site at 130 Lonsdale Street in 2020. 

CBRE, in conjunction with Colliers International, are offering it to the market with a permit for an Elenberg Fraser designed 26-level hotel development. 

Recent sales history have seen CBD office property with yields averaging under 4% including a low of 2.3% achieved with the December sale of 288 Queen Street. 

Source: CBRE 

The permit is for an 11,957 square metre (GFA), lifestyle hotel with multi-level food and beverage amenities, conferencing facilities and rooftop bar.

The asset would be sold with a view to create vacant possession in 18 months’ time.

Offers for the property close June 13.

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