The Orica Building, ‘Australia’s first skyscraper’ at 1 Nicholson Street, East Melbourne has been sold for $155 million dollars. The Charter Hall Direct Office Fund (DOF) has sold the building to property developer, Harry Stamoulis with Cushman & Wakefield - Melbourne and CBRE – Melbourne brokering the sale.
The property, for many years known at the ICI Building, is a 19-storey building plus a basement. It has a net lettable area of 16,970 sqm, typical floor plates of 916-941 sqm and 55 basement car spaces. Originally built for ICI in 1958 it was then the tallest city building in Australia, hence often regarded as Australia's first modern skyscraper. Before it could be constructed the Victorian Government had to repeal a fire safety, 40-metre height limit dating from 1916. Current tenants include Orica, Ixom, QANTM Intellectual Property and the building’s architects, Bates Smart.
Prior to this $155 million sale the building traded at $46.15 million in 2003 and $30 million in 2002.
CoreLogic Australia