- The brand new 16,000 sqm 8-storey at 101 Moray Street, South Melbourne is for sale
- The building has highly innovative features, and a price tag north of $200 million
- Fully leased to major media and technology businesses
In further signs of a buoyant commercial property market, the brand new building at 101 Moray Street, Melbourne has been put onto the market, with a price guide of more than $200 million.
The 16,000 sqm, 8-storey building was developed by the Deague Group, designed by architects Rothelowman and built by Hutchinson Builders.
Set in South Melbourne’s emerging media and technology hub, the building features wrap-around balconies on levels 3, 5 and 6 with views of Melbourne’s CBD and offers unique amenities including basketball courts, a golf simulator and Australia’s first NeuroPOD station.
What’s a NeuroPOD station, I hear you scream? Yes, I had to Google that too.
Apparently, tenants put on a headset for just 20 minutes, and receive all the benefits of a 2-hour meditation session.
So, there you go.
The building is being sold fully leased with a WALE (weighted average lease expiry) of more than 6 years. Major media and technology, as well listed organisations Adobe, Southern Cross Austereo, Ooh! Media and Debit Success have recently secured space within the building.
Cushman & Wakefield’s Nick Rathgeber, Leigh Melbourne, Josh Cullen and Mark Hansen have been exclusively appointed to manage the international expressions of interest campaign.
“In 2017, Deague Group committed to speculatively building what we believe is the highest quality and most modern building in Melbourne. Our conviction about the Melbourne leasing market and specifically South Melbourne has been validated by very successful leasing outcomes, with the building now almost fully leased to various big brand tenants.”
Will Deague, Chief Executive Officer, Deague Group
Apparently, the developer has received many approaches to sell, but given its quality, the Group did not want to sell it off-market, and preferred to allow any active investor the opportunity to buy.
“From the office sale campaigns we are conducting around the country we are witnessing acquisition willingness and pricing back at 2019 levels,” said Nick Rathgeber, International Director, Capital Markets, Cushman & Wakefield.
“COVID-19 really slowed down institutional-grade office investment supply in Melbourne, which has naturally created significant pent-up demand from a deep list of buyers from all origins globally.”
“The standard of design and accommodation of the building speaks for itself when you walk through, it is an incredible inspection experience,” Mr Rathgeber said.
