Myer headquarters in major Docklands sale

Myer has sold its Docklands headquarters in Melbourne to Canadian group Manulife

The owners of the Myer headquarters at Victoria Harbour in the Docklands have kicked off a campaign to sell the complex.

The tower, which could trade for about $270 million, is the largest to hit the Melbourne office market this year.

Other assets are also being quietly offered as fresh benchmarks are set in the city.

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Most notably, the three Melbourne assets in the TCA portfolio worth about $450 million have gone into due diligence. The Australian revealed last month that AMP Capital, acting for its Swiss Re mandate, was targeting 469 La Trobe St and CLSA Capital Partners was chasing 850 Collins St in the Docklands and the tower at 575 Bourke St.

The Myer building, at 800 Collins St, is jointly owned by the Lendlease-managed Australian Prime Property Fund Commercial and Savills Investment Management.

The A-grade building, which serves as the national support office for the retail giant, is being sold by Savills and JLL.

JLL’s Langton McHarg and Paul Kempton and Savills’ Ian Hetherington, Simon Fenn and Ben Azar are the agents.

Latitude Financial Services, formerly GE Money, has also taken a 10-year lease, lifting the building’s weighted average lease expiry to about six years.

Hetherington says the Docklands precinct has emerged as an important location and parties are chasing assets such as the Channel Seven building on Harbour Esplanade.

“The area remains popular with tenants in the banking, finance and insurance sectors due to the larger floor plates and campus-style buildings,” he says.

The complex is made up of 28,619sqm of office space over 10 levels and 873sqm of retail space, plus two levels of parking.

Bovis Lend Lease developed the complex for APPF Commercial and European funds giant SEB Asset Management, which was taken over by the Savills investment unit in 2015.

Elsewhere in Melbourne, value investor Anton Capital has tapped Knight Frank to sell the Victoria Police Centre.

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