Australia’s First Skyscraper Changes Hands

The Orica Building, regarded as Australia’s first skyscraper, has been sold for $155 million.

The Charter Hall Direct Office Fund sold the building at 1 Nicholson Street, East Melbourne to property developer Harry Stamoulis with Cushman & Wakefield, Melbourne and CBRE, Melbourne brokering the sale.

The property, for many years known at the ICI Building, is a 19-storey-plus-basement tower with a net lettable area of 16,970sq m, typical floor plates of 916 to 941sq m, and 55 basement car spaces.

▲ The-then ICI Building under construction in Melbourne in the 1950s.

Originally built for chemical company ICI in 1958, it was at the time the tallest city building in Australia, so is often regarded as Australia’s first modern skyscraper.

Before it could be built, the Victorian government had to repeal a fire-safety-related 40m height limit dating from 1916.

Building began in 1955 and was completed in November, 1958. ICI House officially opened on December 11 that year. The next week 20,000 people joined tours of the new office building to be amazed at the workers’ amenities, including a 400-seat cafeteria on the top floor with clear views across the city.

▲ The tower held the title of Australia’s tallest for just three years.

ICI House was the tallest building in Australia until 1961 when the AMP Building near Circular Quay in Sydney took the mantle.

Current tenants include Orica, Ixom, QANTM Intellectual Property and the building’s architects, Bates Smart.

Prior to this sale, the building traded at $46.15 million in 2003 and $30 million in 2002.