The Australian nursing union is looking to take advantage of Melbourne’s peaking property market, putting its headquarters in Elizabeth Street up for sale.
The Victorian branch of the Australian Nursing and Midwifery Federation (ANMF) will sell its long-time Melbourne headquarters, two adjoining buildings at 532 and 540 Elizabeth Street.
The 10-level property, which the union fully occupies, is expected to fetch up to $30 million in a sale to be handled by CBRE’s Josh Rutman, Mark Wizel and Kiran Pillai.
The union intends to move across the street to a new office being constructed on a site at 529-541 Elizabeth Street that it purchased in 2013 for $11 million.
Money raised from the sale will help fund construction of the new multi-million-dollar head office and education facility, the union said.
Another building, named Co-operation House, that is leased to the Textile Clothing and Footwear Union, sold recently for $4.5 million.
The union-occupied building, on the corner of Victoria Street at 359 Exhibition Street opposite the Carlton Gardens, was sold at auction by Paul Farrelly of Sutherland Farrelly in conjunction with CBRE.
The ANMF’s headquarters is just outside Melbourne’s CBD grid. The two buildings, the 10-level ANMF House and a two-storey structure next door, will be offered either individually or together.
“There had been an unprecedented level of development activity in the northern section of Elizabeth Street,” Mr Rutman said.
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