385 Bourke Street, Melbourne

Overview

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 1,280 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.

- 4-star NABERS Energy rating

- Central Location opposite GPO

- Above 45 retailers (Galleria)

Property Information

  • Building typeA Grade - office
  • TitleFreehold
  • Site area (hectares)0.6
  • Lettable area ('000sqm)60.1
  • Lettable area adjusted for ownership ('000sqm)30.1
  • Typical floor area (sqm)1,300
  • Number of buildings1
  • Car parking spaces240
  • Year built1983
  • Major tenantUniSuper Management
  • OwnerDXS
  • Ownership (%)50
  • Co-ownerDexus Office Partner
  • Metro areaMelbourne CBD
  • ZoningCapital City Zone
  • Acquisition dateApril 2014
  • Book value at ownership ($m)355.0
  • Independent valuation dateJune 2019
  • Independent valuation at ownership ($m)355.0
  • Market cap rate (%)5.00
  • Initial yield (%)5.15
  • Leased by area (%)100
  • Weighted lease term by income (years)4.7

  • NABERS Energy rating (with Green Power)4.0
  • NABERS Energy rating (without Green Power)4.0
  • NABERS Water rating2.0