The Urban Developer
AdvertiseEventsWebinarsUrbanity
Industry Excellence
Urban Leader
Sign In
Membership
Latest
Menu
Location
Sector
Category
Content
Type
Newsletters
UPCOMING EVENT - INDUSTRIAL AND LOGISTICS SUMMIT 16 OCTOBER, SYDNEY
INDUSTRIAL AND LOGISTICS SUMMIT - TICKETS NOW ON SALE
LEARN MOREDETAILS
TheUrbanDeveloper
Follow
About
About Us
Membership
Awards
Events
Webinars
Listings
Resources
Terms & Conditions
Commenting Policy
Privacy Policy
Republishing Guidelines
Editorial Charter
Complaints Handling Policy
Contact
General Enquiries
Advertise
Contribution Enquiry
Project Submission
Membership Enquiry
Newsletter
Stay up to date and with the latest news, projects, deals and features.
Subscribe
ADVERTISEMENT
SHARE
print
Print
RetailStaff WriterWed 01 Apr 15

Kyko Group To Sell Landmark Melbourne CBD Tower

1

[tweet_dis]Kyko Group is moving to sell a prime Melbourne asset, the landmark 114 William Street office tower[/tweet_dis].

The trophy building is located on a prominent corner in thewestern end of the Melbourne CBD.

CBRE’s Mark Coster, Luke Etherington and Rick Butler have been appointed to steer the Expressions of Interest campaign in conjunction with Leigh Melbourne and Nick Rathgeber of Colliers International.

Kyko Group’s Director Bill Jenkings said the timing was right to sell 114 William Street and it accorded with what the company believed was a "very good market".

"Over the past 12 months we have been strongly targeted with off-market approaches however we felt it most appropriate for us to take 114 William Street to the open market via a public campaign," he said.

Mr Coster said local and international buyer interest was expected, given the quality of the asset and its premier location.

“The building has benefitted significantly from a substantial repositioning and sustainability upgrade plan executed by the current owner – Kyko Group. This has resulted in impressive lease deals and strong leasing demand at 114 William Street,” Mr Coster said.

“114 William Street is now a prime opportunity for investors and is a building that we expect to attract considerable interest from investors locally and from Asia, the US and EMEA.”

Mr Etherington added: “This will be one of the key draw cards for investors, as will the building’s strong leasing history, which is expected to underpin investor interest.”

The 25-level William Street tower comprises approximately 21,058sqm of net lettable area across 22 levels. There are three prominent ground floor retail tenancies and two levels of basement parking for 106 cars.

Key tenants include Westpac, AMC Consultants, Cornwall Stodart Lawyers, Host Plus, Bentley Advisors Pty Ltd and MacPherson & Kelley Lawyers.

Leigh Melbourne of Colliers said the appetite for investment opportunities in Melbourne’s west end had been highlighted in recent times by GPT and GPT Wholesale Fund’s joint purchase of the CBW site for $608 million.

In the case of 114 William Street, Mr Melbourne said the building would be viewed as an attractive investment proposition benefitting from the potential for significant growth in the existing income.

“This is a landmark asset that is eminently leasable given both its location and flexible, efficient floor plates which enjoy excellent natural light and city views. There is also potential for significant rent reversion in the short to medium term,” Mr Melbourne said.

Expressions of Interest in 114 William Street close May 27, 2015.

RetailAustraliaMelbourneSector
AUTHOR
Staff Writer
"TheUrbanDeveloper.com is committed to delivering the latest news, reviews, opinions and insights into the best of urban development from Australia and around the world. "
More articles by this author
ADVERTISEMENT
TOP STORIES
Korean coliving hero
Exclusive

Disconnection by Design: Why ‘Untech’ is the Next Big Amenity

Clare Burnett
5 Min
Global Shifts Redraw the Map for Australia’s Office Market
Exclusive

Office Eyes Slowdown as New Stock Supply Becomes a Trickle

Vanessa Croll
7 Min
Salta MD Sam Tarascio
Exclusive

Why Salta Won’t Break Ground on $400m Pipeline

Leon Della Bosca
7 Min
Exclusive

Precinct Proposals Bloom as Brisbane Middle-Ring Sheds its Past

Phil Bartsch
8 Min
Exclusive

Newest Land Lease Player Plots Sector Shake-Up

Taryn Paris
5 Min
View All >
Placemaking

Arup to Lead Brisbane Games Victoria Park Masterplan

Lindsay Saunders
Development

Finalists Announced for The Urban Developer’s Urban Leader Awards 2025​

David Di Marco
Kokoda Teneriffe Banks HERO
Development

Kokoda Settles Teneriffe Banks as Melb Project Completes

Leon Della Bosca
The developer also finishes its largest Victorian project to date and doubles down on a new inner-city Melbourne site…
LATEST
Placemaking

Arup to Lead Brisbane Games Victoria Park Masterplan

Lindsay Saunders
3 Min
Development

Finalists Announced for The Urban Developer’s Urban Leader Awards 2025​

David Di Marco
9 Min
Kokoda Teneriffe Banks HERO
Development

Kokoda Settles Teneriffe Banks as Melb Project Completes

Leon Della Bosca
3 Min
Shayher 309 North Quay DA hero
Development

Twin-Tower ‘Gateway’ Revealed for Brisbane Renewal Precinct

Phil Bartsch
3 Min
View All >
ADVERTISEMENT
Article originally posted at: https://www.theurbandeveloper.com/articles/kyko-group-to-sell-landmark-melbourne-cbd-tower