385 Bourke Street, Melbourne


385 Bourke Street is located in the heart of Melbourne's CBD, opposite the GPO. Perched above 2 floors of popular retail and food court dining, this is an A-Grade building, in an A-Grade location.

The elevated corner position above Melbourne's well-known Galleria Retail Centre takes in 41 floors, providing businesses with a clear view of the city and its surrounds. On a clear day, 360-degree views are possible.

Floor areas are typically up to 1,300 square metres with unobstructed working areas and no columns. Concierge, 24/7 security, a 200-seat theatrette and end-of-trip facilities are also provided.

With a vibrant retail and dining area within the Galleria Retail Centre below, the amenity of the location is outstanding. Moments away are Hardware Lane's café dining options, GPO's fashion and food, along with Bourke Street Mall & Emporium shopping.

The position also places tenants close to two stations, as well as trams and buses. Vehicle access is also catered for with easy access to Kings Way and City Link.

- 5.0-star NABERS Energy rating

- Central location opposite GPO

- Above 45 retailers (Galleria)

Asset Information

  • Asset typeA Grade - office
  • Year built1983
  • TitleFreehold
  • Asset locationMelbourne CBD
  • ZoningCapital City Zone
  • Site area (hectares)0.57
  • Lettable area ('000sqm)60.2
  • Lettable area adjusted for ownership ('000sqm)30.1
  • Number of buildings1
  • Typical floor area (sqm)1300
  • Car parking spaces240
  • Ownership (%)50
  • Co-ownerDexus Office Partner
  • Major tenantUnisuper Management Pty Ltd
  • Acquisition dateApril 2014
  • Book value at ownership ($m)355.5
  • Independent valuation dateDecember 2023
  • Independent valuation at ownership ($m)355.5
  • Market cap rate (%)5.75
  • 12 month rolling yield (%)5.29
  • Leased by area (%)94
  • Weighted lease term by income (years)3.2

  • NABERS Energy rating (with Green Power)4.5
  • NABERS Energy rating (without Green Power)4.5
  • NABERS Indoor Environment5.0
  • NABERS Waste4.0
  • NABERS Water rating4.5
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