Two new office buildings hit the market in Sydney and Melbourne
In Sydney, a newly completed A-grade tower in St Leonards has come to market for circa $175 million, while in Melbourne, a wellness-led Collingwood office has recently launched with price expectations of between $50 million and $100 million.
For investors with large capital, both opportunities signal a long-term play in the Melbourne and Sydney office markets, where entire office buildings, especially brand-new ones, are hard to come by.
St Leonards Tower
Completed in 2023, the 14-storey tower in St Leonards delivers more than 17,394 square metres of net lettable area and is one of only a handful of office buildings delivered to the precinct in recent years.
The property is currently around 70 per cent leased, generating approximately $9.7 million in net passing income, with scope to increase to more than $15.48 million upon full occupancy. Its tenant base includes construction groups Richard Crookes Construction, Mainbrace Construction and AW Edwards.
Colliers’ Matthew Meynell said opportunities of this calibre are rarely brought to market in the North Shore.
“Assets like 558 Pacific Highway combine strong day-one income with a clear lease-up opportunity and are well positioned to benefit from the continued shift toward high-quality, amenity-rich workplaces,” he said.
CBRE’s James Parry, who is working alongside Meynell on the campaign, added that the lack of future supply would fuel long-term demand for the asset.
“With no new office assets in planning or forecast to be developed on the North Shore for the balance of the decade, this will be one of the most relevant and in-demand assets for a longer than usual period of time,” he said.
Positioned within the mixed-use 88 by JQZ precinct, the tower benefits from direct access to Coles supermarket, public library and Wadanggari Park, the St Leonards Train Station and Bus Interchange and close proximity to the Crows Nest Metro.
Expressions of interest close at 12.00pm (AEST) on Tuesday, May 19, 2026.
Wellness-led Collingwood office
In Melbourne, buyers are increasingly targeting inner-city fringe locations that align with a modern lifestyle.
At 1 Sackville Street, Collingwood, a nine-level office building which was completed in 2021, is being marketed with a strong focus on wellness, sustainability and tenant quality.
The 5341-square-metre building is occupied by Epic Systems, a global healthcare software provider, which leases the majority of the space. The remaining space is leased to Linktree and a ground-floor cafe operator.
Cushman & Wakefield’s Daniel Wolman said the campaign was expected to attract a broad range of private and institutional investors seeking secure income.
“We’re anticipating strong interest from groups seeking long-WALE income backed by genuine global covenants,” he said.
The building has been designed to align with modern workplace expectations and sustainability standards, featuring full-height glazing, a rooftop terrace with CBD views, premium end-of-trip facilities and a dedicated wellness room, and a 4.5-Star NABERS Energy rating.
Wolman said Collingwood’s continued appeal lies in its ability to offer amenity, connectivity and character at a relative discount to the CBD.
“Collingwood continues to outperform because it delivers what modern occupiers actually want; proximity to cafes, retail and transport, genuine character and highly efficient floorplates,” he said.
Expressions of interest close at 2pm (AEST) Tuesday, April 21, 2026.
