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ANZ to sell its old Melbourne headquarters

August 18, 2016

The historic old headquarters for ANZ in Melbourne is to be sold in deal worth about $250 million. Photo: Erin Jonasson

 Mercedes Ruehl and Nick Lenaghan

The ANZ bank is selling its old Melbourne headquarters on the corner of Collins and Queens Street – a 34-storey commercial tower joined to three historic Gothic-style buildings – in a move that could fetch $250 million or well more.

While the move has been mulled for some time, it is expected a formal sales campaign will start within weeks.

The complex is still occupied by the bank, although ANZ moved its headquarters down to a new building in Docklands several years ago.

The bank is now in talks with Lendlease for a second building in Docklands, next to its headquarters there, on the Collins Street extension.

The old ANZ headquarters on the corner of Queen and Collins streets has a Gothic style. The old ANZ headquarters on the corner of Queen and Collins streets has a Gothic style.

That proposed tenancy at 839 Collins Street would spur the development of a $300 million commercial tower in Docklands.

The Docklands proposal will give ANZ the capacity to absorb staff and functions from the landmark it still owns, known to many simply as the Gothic Bank, on the corner of Collins and Queen streets.

The bank has now appointed the Knight Frank and CBRE agencies to handle a sale of the building, market sources said.

The property stands in the bustling mid-town section of the CBD, combining the 34-storey ANZ World Headquarters tower with the 1887 ANZ Bank Building, the Safe Deposit Building and the Old Stock Exchange Building.

The old bank building, fronting Collins Street, was built as the head office of the English, Scottish & Australian Bank from 1883-87. The banking chamber was later extended into the old stock exchange next door.

The new tower, built in neo-Gothic style, and the restoration of the three National Trust classified buildings was completed in 1993.

The new office, on the northern half of the site, was designed by architects Peddle Thorp Associates.

The bank’s institutional arm is housed in the property. It is expected the bank will offer the property through a sale and initial leaseback arrangement. The ANZ was not available for comment.

Five years ago the ANZ sold its Sydney headquarters at 20 Martin Place in Sydney to US fund manager Pembroke Real Estate.

Pembroke has since transformed the Sydney building into a $250 million A-grade asset, one element in broader $1 billion transformation of Martin Place.

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