Colliers International’s David Sia, Oliver Hay, Hamish Burgess and Dave Walker have been appointed to handle the transaction.
Colliers now expects strong interest from student accommodation, hotel providers and serviced apartments who will pay a premium for the location.
“With no more than a handful of freestanding properties remaining in the precinct, the vendor is hoping to capitalise on a space-starved market,” Colliers International David Sia said.
“The Haymarket precinct is synonymous with Melbourne’s booming student and biomedical precinct.”
The property will also benefit from the imminent arrival of the $11 billion Metro Rail Project and the subsequent Parkville Train Station just metres away.
“Peak interest in the precinct has resulted in an extended period of hyper-growth with momentous interest from alternative accommodation providers driven by proximity to the University of Melbourne, RMIT and biomedical facilities,” Colliers International Dave Walker said.
“As one of Flemington Road’s last remaining freestanding buildings in the Haymarket precinct, we are anticipating an enormous level of interest.”