Marprop moves in on Bendigo Bank’s Docklands headquarters

The Bendigo and Adelaide Bank building in Melbourne’s Docklands.
The Bendigo and Adelaide Bank building in Melbourne’s Docklands.

Sydney-based Marprop is stepping up an expansion drive with the group eyeing off the Melbourne headquarters of Bendigo and Adelaide Bank in a deal worth about $80 million.

The group has been expanding nationally and recently bought a Canberra office block from Quintessential Equity for $59 million. The growth has come after Marprop won a mandate from German-based funds manager GLL Real Estate Partners.

Marprop is boosting its ties with GLL and the pair last year bought an office block on Melbourne’s St Kilda Road for close to $65 million and a North Sydney building for $78 million.

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However, it has not disclosed which mandate it has been buying for this year and would not comment on the Melbourne deal.

The Bendigo-occupied building is being sold by Singapore-based Wharf Street Investments with the transaction struck at a yield of about 6%.

Comprising more than 8300sqm of net lettable area, the building at 120 Harbour Esplanade, Docklands was constructed in 2005 and is fully leased to the bank until July 2025.

The property is one of the only buildings within the Docklands precinct to sport views across Victoria Harbour and direct access to Southern Cross Station.

CBRE’s Kiran Pillai, Mark Coster and Neva Courts and Colliers International’s Trent Preece, Matt Stagg and Anna Cavar marketed the property but declined to comment, as did the parties.

The tightly held Docklands precinct is one of Melbourne’s strongest performing office markets and has a limited future supply of new buildings. It is also benefiting from new transport links.

The property is also well-positioned to capitalise on the Victorian government’s recent $225 million commitment to upgrade the adjoining Marvel Stadium.

The building drew stiff bidding from offshore and domestic investors.

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