Landlords across the country have seen the value of their office towers plummet by around 23 per cent, on average, over the last two years.
Three office towers up for sale in a leafy Melbourne boulevard may prove the ultimate value test for a property sub-sector that still hasn’t recovered from the ravages of the pandemic.
Vacancy on the boulevard, a majestic avenue lined with towers that skirts Albert Park Lake on one side and the Shrine of Remembrance on the other, was around 9 per cent before the pandemic. Now, it’s officially shot up to 27 per cent, although one agency, Colliers, puts it at an alarming 41 per cent.
A white knight helping to boost tenant interest in the strip is the imminent opening of the new Anzac railway station about halfway along the boulevard. The underground interchange will ease congestion and spur development and amenity close by.
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