WHILE several sales campaigns for prime CBD office buildings have come to a close during the past few months, another St Georges Terrace address is being put on the market. The former CGU Insurance Group house at 179 St Georges Terrace is being sold by Colliers International, which managed the 2003 sale of the building. The A-grade building is fully leased to Elders and Rio Tinto, with the latter committed until October 2017 to lease almost two thirds of the 4,377 square metres. Its entire space is subject to a rent review this year. Owned by private company Soneel Pty Ltd and Aliya Sikander, the eight-storey building has 19 car bays and dual frontage to St Georges Terrace and Mercantile Lane. Colliers International director of investment sales, Ian Mickle, said the security of returns on the building, together with its location, made it a blue-chip offering. The building last sold for $11.1 million in 2003, having previously been owned by GE Capital through its acquisition of the National Australia Asset Management portfolio.
