In one of the chunkier city-fringe offerings this year, Jetstar’s Collingwood headquarters is up for sale with a $60 million price tag after its long-time owners decided to take flight after almost three decades of ownership. The property has been owned since 1997 by the Melbourne (and German) based Henkell Brothers Investment Management, which owns and manages a slew of Melbourne commercial properties. The airline is the exclusive tenant of the 79 Victoria Parade site, which has a land footprint of 5240 sq m and a building size of 7000 sq m.
Jetstar’s Collingwood headquarters is up for sale with a $60 million price tag. Jetstar’s lease runs to March 2027. In 2020, Jetstar’s parent Qantas undertook a group-wide property review, but a year later said it would stay put – pending any relocation morsels thrown by state governments.
Jetstar plans to remain in place until at least the end of the lease but is considering its longer-term options. Otherwise, the “unicorn” corner site is suited for mixed-use redevelopment, including high-density residential. The site is around the corner from the Gurner Group’s massive, recently completed Victoria & Vine 241 apartment luxury apartment project, at 1-57 Wellington Street.
Gurner Group acquired the site, covering 5100 sq m across an entire block – for around $40 million in 2016. The Jetstar sale is being handled by Colliers’ Jozef Dickinson, Matthew Stagg and Philip Heberling, as well as CBRE’s Trent Hobart, Nathan M.