Mr McNee’s Vicland holds a lease over the top-floor office, which it will continue to occupy.

The building returns an income of $3,434,644 annually with a weighted average lease expiry of seven years. Other tenants include The Commons, Revolution 360, Ipsos and Impressive Digital.

“I live in the area and have had several different offices in the area for many years,” Mr McNee said. Nevertheless, the suburb was missing a top-quality project. “I saw a gap in the market and I acted swiftly,” he said.

The deal flow-in for offices is not confined to the suburbs. Despite the difficulties of pandemic-induced lockdowns, investors are still snapping up city towers amid a heightened level of interest that is prompting other landlords to consider selling.

Another Queen Street tower on the corner of Lonsdale Street has hit the market through Colliers and MP Burke Commercial.

The 11-storey office at 235 Queen Street has a net lettable area of 3878 square metres and generates net passing income around $1,812,500 a year.

Agents Pat Burke, Oliver Hay, Matt Stagg, Daniel Wolman and Leon Mah anticipate the property will sell for more than $35 million.

The tower is owned by the Bardas family, who made their wealth through the Sportscraft clothing empire.

Recently a 10-level tower at 422 Collins Street transacted to Melbourne investor Charles Ng’s CNGAUS for about $40 million and another 11-storey building known as CPA House was snapped up by developer Holder East for about $30 million.