180 Tower, Melbourne CBD is a 2060m2 parcel of land containing an existing 11 storey building. It is located in the heart of Melbourne, in the most dominate corner of the “China Town” precinct.
The “China Town” precinct consists of numerous small parcels of individual land lots, and 180 Russell Street is one of the limited land holdings that would accommodate a substantial project.
The existing building consists of:
- Basement entertainment venue
- Street fronting retail ground floor premises
- 7 Story car park (400 plus car spaces)
- 4 Story office accommodation above the car park
The building has had very little vacancy with only one or two spaces every vacant.
Currently there is only one vacant tenant and the building enjoys a rental income of approximately $3.6M per annum.
The car park forms approximately half the rental while there is a further 30 tenants located predominantly in the office accommodation, the ground floor retail, and the entertainment venue that forms the other half of the income.
Many of the tenants have been within the building for over 10 years and some over 20 years.
Many of the leases have been engineered to expire by the 2018 calendar year given the development potential of the building, with new lease term beyond this timeline containing a demolition clause.