Singaporean firm HThree City buys Melbourne office tower for $236M

HThree City Australia has purchased 330 Collins Street with co-investor City Developments Limited. It’s a sign that despite anecdotal reports that demand for CBD office spaces is waning, global investors think otherwise.

Located at the intersection of Collins Street and Elizabeth Street, the building boasts a 90% occupancy rate. NAB and CyberX are the most prominent tenants, occupying some 31% of office space between them.

The building has over 18,000 sqm of net lettable area spread over 17 floors, with retail occupying the ground floor and basement. It also has 43 car parks.

“We are pleased to acquire 330 Collins Street, an iconic asset on a prime Collins Street corner”, CEO of HThree, Kevin Kang, said.

We believe that Melbourne’s CBD will continue to bounce back strongly, and that 330 Collins Street is well placed to benefit from the increasing demand for well-located, quality office space.”

The purchase was completed in nine weeks and was brokered by Cushman & Wakefield and CBRE. Herbert Smith Freehills acted as legal advisors on the transaction.

It marks the second Melbourne purchase for HThree, with their first purchase being a 12-storey office tower at 446 Collins Street in 2021, at a cost of $72 million.

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