Jetstar’s Collingwood Headquarters on the Block

The long-term headquarters of Jetstar is on the block.

The asset at 79–81 Victoria Parade, Collingwood, is being offered for sale by owners Henkell Brothers Investment Managers in a campaign managed by Colliers and CBRE.

The block has a price expectation of more than $65 million.

The prominent corner-block office building has not been on the market since 1997 and overlooks the East Melbourne parklands and the Melbourne Cricket Ground.

The building holds a 5-star NABERS rating and includes a 227-bay undercover commercial carpark managed by Care Park as well as a separate gymnasium.

The property was fully leased with three tenancy agreements structured with aligned final expiry dates and no further options to provide the new owner with vacant possession in 2027 and enable redevelopment of the whole site, the agents said.

Jetstar has occupied the building since 2013.

Colliers is represented by Jozef Dickinson, Matt Stagg and Philip Heberling while CBRE is represented by Trent Hobart, Nathan Mufale and David Minty.

The building is for sale via an expressions-of-interest campaign due to close on August 30.

Dickinson, who is Colliers national director, residential development sites, said Victoria Corner represented “one of the best redevelopment opportunities in Melbourne’s sought-after city fringe”.

He said the 5241sq m corner site was ripe for mixed-use redevelopment, including high-density residential, and had been a “unicorn in this location for a long time”, fusing “East Melbourne luxury with chic Collingwood, coupling with some of the best view lines back to the CBD skyline, MCG and stunning parks in between”.

Hobart, CBRE senior director—head of development, said the site was zoned Commercial 1, allowing residential and mixed-use development and “would likely include luxury residential apartments, build-to-rent, hotel and/or retail showroom space”.