AFIAA lists unique Flinders Street office
AFIAA has listed another mid-size, west-end CBD office for sale.
Also unique – being on the south side of Flinders Street, part of the 15 year old Northbank development – the Zurich fund manager can expect c$50 million, according to sources.
That would be a discount on the ($55m) price it agreed to pay in 2012, settling the year later.
Cushman & Wakefield’s Nick Rathgeber, Leigh Melbourne, Daniel Wolman, Oliver Hay and Leon Ma are the agents.
King position
Refurbished in 2020, the Northbank office, 525 Flinders Street, on the south west corner of King, contains 10,271 square metres over nine floors.
Concrete framed, double glazed and with extra soundproofing, its lower levels also face train tracks connecting Flinders Street and Southern Cross stations (story continues below).
Only 42 per cent is occupied.
With a short weighted average lease expiry – owner occupiers could look in. If building branding rights are available – it has profile advantages.
Investors are still the most likely suitor.
Far East Consortium developed Northbank Place.
The office listing comes four months since AFIAA, for another international mandate, sold nearby 628 Bourke St to local fund manager Bayley Stuart.
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