Research firm to sell Lonsdale Street building

A freestanding office building in Melbourne CBD’s legal precinct is being offered for sale through auction on March 3. 

Menzies, an indigenous and tropical health research institute, has appointed CBRE City Sales to divest its 563 Lonsdale Street property, as it seeks to reinvest funds from the sale into the business. 

Located on a 336 sqm landholding with double street frontage, the property comprises a two-level commercial building comprising 670 sqm.

The property is being offered for sale with vacant possession.  

CBRE’s Nick Lower, Tom Tuxworth and Paul Tzamalis are the listing agents.

“In 2016, there was an unprecedented commercial sale activity in Melbourne’s CBD, with investors eager to capitalise on investment opportunities in the city’s most highly sought after pockets,” Lower said. 

With reduced stock supply in 2016, pent up demand and competition has resulted in record transactions in the Melbourne CBD, Lower said. 

Tuxworth said the property was also expected to draw interest from owner occupiers. 

“Due to record low interest rates and the SMSF investment vehicle, business owners are recognising the advantages of owning the premises they work in rather than paying rent,” said Tuxworth.