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Real Estate News Releases
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(EstateNewsWire.com, December 07, 2012 ) West Vancouver, Canada -- Sotheby's Australia announced plans to relocate its headquarters to a state-of-the-art office building on Exhibition Street in Melbourne.
The fine-art auction house is paying $4.2 million to relocate to the seventh and eighth floors of the 21-story strata office building. The building is currently being constructed at 41 Exhibition Street. It is being developed by the Royal Australia Institute of Architects (RAIA) is expected to be completed September 2013.
Sotheby's announced back in August it was planning on relocating from its historic Arrmadale headquarters located at 926-930 High Street. The auction house had been at that location for more than 20 years. The new location is near the landmark office towers Collins Place and 101 Collins Street, and will occupy 1,837 square feet in the northwest corner of the new building overlooking Flinders Lane
The current site of the auction is up for sale through Fitzroys, which is asking $4.95 million for the building.
The purchase by Sotheby's Australia Chief Executive Gary Singer, a former deputy lord mayor of Melbourne, was the final sale of space at the Exhibition Street strata-office project that investors launched two years ago.
The building has 21 strata offices that each occupies a full floor with approximately 920 square feet of space. The site was originally purchased by the RAIA for $1.2 million in 1994. The property that was there previously was a low-rise office building that featured a ground-level art gallery.
The RAIA will occupy the first four floors of the building.
The Strata suites have been marketed by ex-CBRE agent Sebastian Drapac and Alexander Robertson's David Combes. Combes recently announced that he is leaving the agency to work for one of his clients, Drapac USA, which will have him relocating to Los Angeles, Calif.
Until Sotheby's can relocate to its new space in September, the auction house will lease the top two levels of nearby Anzac House at 4-6 Collins Street from the Returned and Services League.
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