TAC building on market

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OWNERS of Geelong’s Transport Accident Commission headquarters are set to earn $30 million on the sale of the landmark building.

The Impact Investment Group bought the building at 60 Brougham St for a record $95.8 million in 2014, but commercial real estate agent Knight Frank believes Asian investors will pay more than $125 million for the secure investment property.

Knight Frank, Melbourne, agent Martin O’Sullivan said the long lease to the government tenant was the key driver for the campaign, which was attracting interest from buyers in Asia.

Almost 11 years remains on the TAC’s secure lease as the anchor tenant at the 5475sq m site with uninterrupted views over Corio Bay and the CBD.

The headquarters opened in 2009, winning a commercial architecture award for designers McGauran Gianni Soon and ML Design before developer FKP sold the property for more than $85 million.

The TAC building became a model for other government agencies to relocate to Geelong, including WorkSafe and NDIA, whose headquarters are under construction in Malop St.

“The main interest so far has come out of Asia,” Mr O’Sullivan said. “There is a whole lot of money searching the globe for these kinds of assets.”

He said the owners were seeking to cash out to move on to other projects.

“It’s a good time to capitalise on a very strong market,” he said.

The TAC building’s owners are not the only ones seeking to cash in on the buoyant market, with the office blocks at 235 and 237 Ryrie St also listed.

The buildings — Channels House, which opened as the Capital Centre in 1983, and Harrison Place, built in 2008 — are leased to major tenants including Bendigo Bank, Slater & Gordon, the Victorian Regional Channels Authority and Coulter Roache.

MP Burke Commercial agent Pat Burke said the buildings were expected to sell for more than $35 million in an expressions of interest campaign run in conjunction with Dawkins Occhiuto.

The buildings, which have a $3 million combined annual income, are being sold as a pair, or separately.

Mr Burke said it was an opportune time to sell as significant government and private spending signalled a growing confidence in Geelong, coinciding with record population growth.

The TAC building in Brougham St and the office blocks at 235 and 237 Ryrie St are up for sale.

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