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Private offshore investor to sell iconic St Kilda Road jewel for circa $85m

Jess Freeman • 06/11/2023

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A private offshore investor is set to sell 420 St Kilda Road, a prestigious corner property in the heart of Melbourne. With an expected price tag of approximately $85 million, this prime 100% freehold property is set to attract investment managers and private buyers alike.

420 St Kilda Road stands out as the jewel of St Kilda Road, renowned for its iconic and timeless glass curtain façade. Boasting a Net Lettable Area (NLA) of 10,435 sqm, typical floor plates of 1,028 sqm and 132 car bays, this property offers a unique investment opportunity. Currently occupied at 75% with a diverse tenancy mix, it provides a solid income foundation and return enhancement opportunities for prospective buyers.

Strategically located at arguably the most prime corner of St Kilda Road at the junction of Toorak Road, 420 St Kilda Road offers the highest height (65 metres) and the smallest setback (3 metres from St Kilda Rd), allowing for long-term additional NLA or redevelopment potential.

The property is for sale through Cushman & Wakefield’s Leigh Melbourne, Nick Rathgeber, Daniel Wolman and Oliver Hay.

Leigh Melbourne of Cushman & Wakefield emphasised the unique opportunity presented by 420 St Kilda Road, stating, “With an ideal profile for private investors and investment managers, coupled with the potential for increased NLA, this is a standout investment for those seeking prime opportunities in the market."

Notably, 420 St Kilda Road is the only office building along St Kilda Road offering full height floor-to-ceiling curtain walls. The building recently underwent a best-in-class ground floor lobby, lift lobbies and EOT refurbishment, ensuring a contemporary and premium environment. Mr. Melbourne further noted, “With rising construction costs due to inflation, economic rents have considerably increased, making 420 St Kilda Road a strategically sound investment with a built-in rent reversion and long-term income growth potential.”

Additionally, 420 St Kilda Rd enjoys a strategic location, being one of only eight office buildings within immediate walking distance to existing tram stops and the new Anzac station, set to open in late 2024. The new station will significantly enhance the local office market, providing a seamless link to the CBD and metropolitan Melbourne, particularly benefiting the northern section of St Kilda Road.

420 St Kilda Road is for sale via International Expressions of Interest through Cushman & Wakefield closing Thursday 7 December at 4pm (AEDT).

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