St Kilda Rd: Former Cadbury-Schweppes House in Melbourne listed with $60m+ price tag
Previously the Cadbury-Schweppes House – at 636 St Kilda Rd, Melbourne, the office tower is now owned by Dexus Wholesale Australian Property Fund.
The former Cadbury-Schweppes House on St Kilda Rd is set to hit the market with $60m+ price hopes, a sum almost $27m less than what it last sold for eight years ago.
The 19-level Melbourne office building is being offloaded by the Dexus Wholesale Australian Property Fund, with public records showing the company paid $87.5m for the address in 2016. Commercial real estate agency CBRE is advertising the property as a development site.
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CBRE’s Trent Hobart said 636 St Kilda Rd, which was due to be publicly listed Tuesday, could potentially be transformed into a high-end residential building.
Mr Hobart said he was expecting strong interest from Melbourne-, interstate- and international-based buyers in the office tower, which features retail space in the lobby.
“Local, national, and international capital has been starved of genuinely premium redevelopment opportunities, especially those that equally suit build to rent and owner-occupier developers,” Mr Hobart said.
The exterior of 636 St Kilda Rd, Melbourne.
An artist’s rendering of what a potential future redevelopment of the site could look like, although no plans have been approved. Picture: Bates Smart.
Cadbury’s lease at the building expired more than a decade ago and after the company’s Schweppes division was sold to Asahi Breweries, it relocated to a new office.
The structure features 17,000sq m of leasable space but its offices have a below-40 per cent occupancy rate.
Inside offices within the building.
Before the Dexus Wholesale Australian Property Fund purchased the site, it was owned by
investment management company Blackstone.
Construction of the building was completed in the 1970s although it has been upgraded since.
It is located close to public transport, Albert Park and Fitzroy St.
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