541 St Kilda, Melbourne

Acquisition Price
$65m

Acquisition Date
2018

Building Size
8,247sqm

Vehicle
Institutional Fund

NABERS Ratings
Energy 3* Water 3.5* Waste 1*

541 St Kilda Road is situated in the established St Kilda office market and within 4.5 kilometres from Flinders Street Station. The building is an A-Grade single tenanted building with ground-floor retail and six office levels that comprise large floor plates for the precinct and four sides of natural light.

St Kilda has evolved into a mixed-use precinct over the past decade, with office market stock withdrawals typically required for residential development. This withdrawal requirement has driven prime vacancy to a near all-time low and spurred strong rental growth. The property will be able to benefit from this market performance upon expiry of the major tenant, while the structure of the asset provides an excellent opportunity for implementing Marprop’s ‘Beyond Grade’ asset strategy.