This article is from the Australian Property Journal archive
BLACKROCK is expecting more than $80 million for the home of Disney, National Australia Bank and STA Travel in Melbourne’s booming city fringe market.
Building 10, 658 Church St is located within the Richmond and Cremorne office precinct.
The campus-style three-level building has a net lettable area of about 8,000 sqm and recently undergone extensive refurbishment works. Expansive floor plates of circa 2,700 sqm provide flexibility for large occupiers and opportunities to subdivide into multi floor tenancies.
US investment manager BlackRock acquired the building in 2016 for $45.5 million.
CBRE’s Kiran Pillai, Scott McGlone, Josh Rutman and Lewis Tong together with Colliers Rob Joyes, Adam Woodward, Peter Bremner and Rachael Clohesy are handled the expressions of interest campaign.
“The Richmond and Cremorne office precinct has undergone an evolution over the past two to three years and now provides access to world class food and beverage offerings, extensive public transport options and, perhaps most importantly, a growing millennial workforce,” Pillai said.
The precinct’s profile has risen as major names such as Tesla, Uber, 7-Eleven and Starbucks, Seek and REA Group, as well as Disney, have set up offices. Ongoing demand from new occupiers have propelled strong and sustained rental growth over the past two years, with further growth forecast.
Joyes said there is about $900 million in A grade office investments pre-committed and under construction within a 500 metre radius of Building 10.
“This precinct is one of the most sought-after locations in the country for both investors and tenants, which will continue to underpin attractive ongoing rental and capital value growth,” he said.
