Liberal Party to sell $30m Victorian HQ as state election looms
The Liberal Party’s Victorian arm has put the home of its state headquarters on the block – an art deco gem that could fetch as much as $30 million – as it prepares to fight a state election in late November.
The long-anticipated decision to divest 104 Exhibition Street comes after the party’s state president Michael Kroger pursued a bitterly contested but only partly successful court battle for control over the party’s biggest donor, the Cormack Foundation.
As the dust settles on the Federal Court ruling in June, the state election, set for November 24, is fast approaching and the party has now appointed Colliers International to broker the well-known property.
Known as Centenary Hall and built in 1935, the six-level building was acquired by Vapold Pty Ltd, a Liberal Party vehicle, for $576,000 in 1976.
It stands in the heart of the Melbourne’s CBD’s ritzy east end, on the corner with Little Collins Street and just opposite QIC’s $800 mixed use development at 80 Collins Street.
The building has 2,550 square metres of space overall, with ground floor retail, along with office space, a rooftop terrace and basement.
The Liberal Party itself occupies a whole floor in the building while Level 4 is home to the famed Tolarno Galleries, which was founded by George and Mirka Mora in the 60s.
“104 Exhibition Street is currently fully leased and offers excellent future rental growth potential given the prime east end location and strong Melbourne CBD office leasing market,” said Colliers agent Daniel Wolman, who is handling the building with colleagues Matt Stagg, Oliver Hay and David Sia.
“The opportunity to secure a freestanding building in the east end of the CBD is extremely rare and will be of strong interest to international and domestic high net worth private investors and family offices.”
A sale of building could fetch as much as $30 million and bring some relief to the party which has been under funding pressure for some time.
Earlier this year state Liberal leader Matthew Guy backed the long-mooted moves to sell off the asset.
The party’s finances took a blow two years ago after its former state director, Damien Mantach, was found guilty of defrauding the party $1.5 million.
Just before a County Court judge handed down that decision – ordering Mr Mantach to pay $800,000 compensation – the party took out a mortgage on 104 Exhibition Street with National Australia Bank, property documents show.
