Melbourne’s Bendigo and Adelaide Bank HQ sale could top $80m

The Melbourne home of Bendigo and Adelaide Bank is on the market.
The Melbourne home of Bendigo and Adelaide Bank is on the market.

Singapore-based investor Wharf Street Investments has listed the Melbourne headquarters of the Bendigo and Adelaide Bank for sale in a move that could see it reap more than $80 million.

The vehicle, controlled by Singaporean investor Philip Lim, had picked up the building after the global financial crisis for just $33 million as the city’s office market found its feet.

He has been an active property trader since then, picking up 380 La Trobe St in the Melbourne CBD in 2016 for about $170 million from funds manager Invesco.

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Lim also sold a tower on Albert Rd, in Melbourne’s fringe market, in 2014 for $52 million and then bought 600 St Kilda Rd for $81.5 million from Arena Office Fund.

The bank-occupied building at 120 Harbour Esplanade in the Docklands comprises more than 8,300sqm of space. It was constructed in 2005 and is fully leased to the bank until July 2025, providing a secure long-term income stream.

CBRE’s Kiran Pillai, Mark Coster and Neva Courts and Colliers International’s Trent Preece, Matt Stagg and Anna Cavar will market the property.

Pillai says the listing provides one of the first major tests of Melbourne’s office investment market in 2019.

“The Docklands precinct is one of the strongest performing office markets in the country. Limited future supply of new buildings, significant investment into transport infrastructure and surrounding amenity have heightened demand with vacancy rates tipped to drop below 0.7%,” he says.

Preece says the property is positioned to capitalise on the Victorian government’s $225 million commitment to upgrade the adjoining Marvel Stadium.

“Given the quality of the asset and lack of recent major investment opportunities in Melbourne, we expect the offering will generate a strong level of interest from both offshore and domestic investors,” he says.

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