St Kilda Rd: Flight Centre’s ex-HQ set for new shake-up
436 St Kilda Rd, Melbourne, is for sale.
Flight Centre Travel Group’s former Melbourne headquarters has hit the market with circa $35m price hopes, a sum tens of millions of dollars below its previous sale five years ago.
Public records show the 10-storey building at 436 St Kilda Rd last changed hands for $62.15m in 2020.
At the time, Flight Centre sold the site to a Melbourne-based property group.
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The address has now been listed as an opportunity for investors, owner-occupiers and developers to acquire as a potential residential, build-to-rent or co-living space, subject to council approval.
Commercial real estate agency CBRE senior director Nick Peden said the 2322sq m site was close to the new Anzac train station and a spate of planned developments along St Kilda Rd.
“We have definitely had interest from interstate and a couple of offshore groups,” Mr Peden said.
Buyers based in Singapore, mainland China and Malaysia have inquired about the property.
“It is about 30 per cent leased and I think there are four tenants,” Mr Peden said.
“It’s more of a value-add type of opportunity rather than a passive investment opportunity.”
The ground floor lobby.
There’s rear access via Queens Lane.
Mr Peden said the reason behind the site’s price point was that the market had changed dramatically since Covid.
The owners had decided to sell rather than refurbish the tower in an attempt to attract more tenants, he added.
The building features 167 at-grade and basement car parks, rear access via Queens Lane, and Melbourne CBD, Botanic Gardens and Shrine of Remembrance views.
It’s 500m to the Anzac train station which is set to open this year as part of the Victorian government’s Metro Tunnel.
The property spans 2322sq m qwith frontages to St Kilda Rd and Queens Lane.
The site has a total 7315sq m net lettable area.
Other projects taking shape or planned for St Kilda Rd include an $800m, 19-storey tower consisting of 200 apartments, proposed by developer the Gurner Group.
Cbus Property has 77 apartments across a 17-level building slated for 37 St Kilda Rd with construction set to finish in 2028.
And The Muse Melbourne, set for completion in October, will comprise 40 new residences at 409 St Kilda Rd.
CBRE’s Jamus Campbell, Kiran Pillai and Trent Hobart have the ex-Flight Centre listing alongside Mr Peden.
Expressions of interest close on July 17.
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