Tall & Urban News

Investors could strike gold with the iconic gold-plated Eureka Skydeck and Eureka 89 restaurant going to market.

Levels 88 and 89 have been opened up to an expressions of interest campaign to find a new owner for one of the highest public observation decks in the southern hemisphere.

With the shining 24-carat-plated beacon at the top of the 300-meter-tall Eureka Tower at Melbourne’s Southbank, JLL agents Josh Rutman, MingXuan Li, Michael Godfrey and Peter Harper are certain a buyer will have a Eureka moment.

JLL’s Josh Rutman said the property, which includes ground floor retail space, would attract buyers from all over the world.

“Eureka Tower is a Melbourne icon and a nationally recognised development. There is no doubt that this is one of the most unique opportunities to come to market,” Rutman said.

“This iconic Melbourne investment opportunity presents an X-factor that will attract worldwide attention and will draw comparisons to other prestigious top floor offerings around the world.

“As one of the highest public observation decks and restaurants in the Southern Hemisphere, Eureka Tower offers highly functional floor plates with floor to ceiling windows taking advantage of unparalleled 360-degree views of Melbourne.

“The dedicated lift access from ground floor retail to level 88 is an important feature in a post Covid-19 environment. This allows levels 88 and 89 to be an independent, self-contained space which can be used exclusively, providing additional security and privacy.”

Current owners Journey Beyond would continue to occupy the ground floor retail and both upper levels on an initial 20-year lease with a commencing rental of about AU$3.3 million (US$2.5 million) and fixed annual rental increases.

Journey Beyond chief executive Chris Tallent said the business was a leading provider of experiential tourism in Australia including The Ghan, Outback Spirit Tours and Horizontal Falls Seaplane Adventures.

“The Eureka Skydeck and Eureka 89 are two high performing assets in our portfolio with over 500,000 visitors annually and we have a number of exciting initiatives under development for the Eureka Skydeck, due for completion in mid-2021,” Tallent said.

The Eureka Tower features some of the quickest lifts in the southern hemisphere to service the Skydeck and restaurant, moving 9m per second. It takes 38 seconds to go from ground level to level 88.

Expressions of interest for the part ground floor retail, levels 88 and 89 in the Eureka Tower at 7 Riverside Quay, Southbank close 31 March, 2021.

For more on this story, go to The Urban Developer.