VACC’s seven-storey building at 464 St Kilda Road Melbourne was built in 1958 as a three-storey office and opened that year by the then Victorian premier Sir Henry Bolte. It was the third home for the VACC that was founded in 1918.
The new owners are Abacus Property Group and Singapore’s Wing Tai Holdings which bought the prime St Kilda Road property for $95.38 million. The figure was in line with the VACC’s earlier expectations of about $100 million.
This sale will allow the VACC to relocate to a CBD fringe location and invest the savings into the Special Capital Fund.
VACC spokesman David Dowsey said the additional capital would enable the VACC to continue funding the research and policy development “that have proved so influential over its first 100 years, while ensuring members continue to receive the same cost-effective services and products from their Chamber for another century”.
“VACC will remain at its headquarters for at least 18 months, with an option for a further 18-month tenure,” he told GoAutoNews Premium.
“This is to see-out the existing leases we have with numerous tenants within the building.
“This will also provide ample time to seek out and source a new property; one that is smaller, more modern and entirely fit for purpose.”
Mr Dowsey said it was likely that the VACC would move to a city fringe location, allowing better access for its members and allowing its policy staff easy access to politicians and business leaders in the CBD.
The seven-storey building covers 14,000 square metres and the VACC occupies three floors. It has one of the biggest footprints and is one of only 11 double-size sites on St Kilda Road.
It was opened in September 1958 and made the VACC the nation’s first automotive association to own freehold property.
It started as a three-storey building and expanded to seven storeys in 1970. The ageing building was facing strong competition for tenants from newer office addresses and some parts of it were untenanted.
When built and refurbished, it commanded attention because of its location in a prestigious part of Melbourne that was known initially for its advertising agencies and major corporations.
Mr Dowsey said the building had unique details such as its copper-coated Belgian glass – regarded as being irreplaceable today – and bluestone paths with a front garden. Its original fountain in the forecourt has long gone.
The foyer has chrome fittings and marble floors, walls and staircase, and enforces the chamber’s business with 13 panels of sandblasted glass with vintage automotive-themed drawings by Howard Beale, taken from photographs by Harold Paynting.
“The building holds about 120 VACC staff and has the president’s office, two boardrooms, function rooms and a commercial kitchen and two bars,” Mr Dowsey said.
“The VACC regularly hosts dinners, some for hundreds of people.
“It is also home for the VACC’s commercial arm, OurAuto, which supplies products and services to automotive businesses around Australia.”
The 100-year-old VACC was founded on September 20, 1918 in Bendigo. Soon after its formation, it first leased rooms at 432 Collins Street and then, in 1942, moved VACC House to Lonsdale Street before opening at the St Kilda Road address.
By Neil Dowling
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