ANMFs move to new headquarters sparks major commercial property opportunity
ANMF's move to new headquarters sparks major commercial property opportunity
| 26 October 2016
The Australian Nursing and Midwifery Federation (ANMF) Victorian Branch is preparing to sell its long time Melbourne headquarters in a move tipped to generate wide ranging interest from investors, hoteliers, education groups and student accommodation providers.
CBRE’s Melbourne City Sales & Middle Markets teams have been exclusively appointed to steer the campaign, which involves two adjoining buildings at 532 & 540 Elizabeth Street, between Melbourne’s health, education and Victoria Market Precincts.
Funds raised from the sale will help fund the construction of a new multimillion dollar ANMF head office and education facility, which is being developed directly opposite on the western side of Elizabeth Street.
Due to be completed in September 2017, the new 10-level facility will include an auditorium and educational facility to cater to the federation’s fast expanding member base in Victoria.
ANMF’s Secretary Lisa Fitzpatrick said the Victorian branch had expanded from 27,000 members to more than 76,000 in the past 20 years – exponential growth, which had seen it outgrow its long time Elizabeth Street home.
“We need significantly more space to expand our nursing lab and education centre, which provide RTO courses and clinical professional development for nurses, midwives and carers.
“Additional staff are also required to appropriately meet the industrial, professional, occupational health and safety and legal representation needs of our growing membership,” Ms Fitzpatrick said.
CBRE’s Josh Rutman, Kiran Pillai and Mark Wizel will oversee the sale campaign, which involves the larger ANMF House building at 540 Elizabeth Street and a double-storey character building at 532 Elizabeth Street, otherwise known as 29 Leicester Street
The properties will be offered individually or in one line via an International Expressions of Interest campaign closing Friday, 25th November 2016.
“The ANMF properties are uniquely situated between the ever-growing health and education precincts as well as being at a major entry point into the Melbourne CBD,” Mr Rutman said.
“There had been an unprecedented level of development activity in the northern section of Elizabeth Street, including the construction of several residential towers, the recent completion of the world class Victorian Comprehensive Cancer Centre and the mooted redevelopment of the Queen Victoria Market.
Mr Rutman said the campaign was expected to generate interest from a broad range of buyer groups, including investors and owner occupiers.
“The appetite for Melbourne inner city property is stronger than ever,” Mr Rutman said, noting that opportunities to acquire versatile office and retail assets such as 532 & 540 Elizabeth Street were increasingly rare.
“The distinct lack of office accommodation at the northern edge of the CBD is expected to drive significant interest in the campaign, as will the high quality improvements that have been constructed on the site.”
He added that properties offered high quality fit outs and presented exceptionally well for immediate use as a commercial offering – hence the appeal to private and institutional investor groups.
“Alternatively, CBRE is dealing with a number of qualified hotel and student accommodation groups who are actively seeking out opportunities in Melbourne’s northern CBD precinct,” Mr Rutman said.
“We are also expecting strong interest from owner occupiers in addition to major educational institutions and health services groups who are seeking a headquarters in this tightly held pocket of Melbourne.”
The larger offering is 540 Elizabeth Street - a nine-level office building, including a basement car park for 38 cars. The property, which is the largest office building of its kind in the precinct, is situated on a substantial site of 762sqm, which benefits from dual frontage to Leicester Street.
CBRE’s Mr Pillai said the building offered highly efficient, flexible floor plates, capable of generating substantial rental income.
“The opportunity to provide modern and highly flexible accommodation in this tightly held precinct will no doubt see investors take a bullish view to leasing the property quickly to whole and part floor tenants,” Mr Pillai said.
“The other key attraction for purchasers will be the property’s significant future redevelopment/conversion potential subject to the relevant planning approvals.”
Also included in the sale campaign is the double storey freehold at 532 Elizabeth Street, which has a net lettable area of 400sqm.
Mr Pillai said both buildings offered existing office fits out with refurbishment potential, lending themselves to a mixture of office, residential and retail uses subject to council approval, as well as potential for additional levels.
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