This article is from the Australian Property Journal archive
MORE than $30 million is expected for a suburban Melbourne office building in leafy Glen Iris, which offers development potential on a corner parcel.
The striking two storey office building has a net lettable area of 3,383 sqm and is 100% leased to seven tenants with a one year weighted average lease expiry, returning a net passing annual income of about $795,000. There are 102 on site car parks.
On a 4,305 sqm of land with commercial 1 zoning, the property has a combined frontage of 138 metres and has potential scope for future development of up to five levels.
Peter Bremner and Daniel Wolman of Colliers, in conjunction with Alexander Robertson’s Kristian Peatling and Warwick Bramich are marketing 173 Burke Rd, the first time the property has been put up for sale in 30 years.
“There is plenty of life left in the building to accommodate current and future tenants, however with its favourable zoning and development potential we also expect mixed use developers to be eager to take advantage of the corner position and prime location among parklands and private schools,” Bremner said.
Located around 10 kilometres, the strategically positioned between an array of major arterials, including Burke Rd, Dandenong Rd and Wattletree Rd, with direct access to the Monash Fwy.
The property is situated within a well regarded and affluent schooling precinct including elite private schools such as Sacre Couer, Korowa and Caulfield Grammar’s Malvern Campus, and is less than 200 metres from Malvern’s Central Park and close to Cabrini Hospital and Monash University.
Bremner said the site is positioned within a small Group 4 Neighbourhood Activity Centre with no overlaps. Development options include retail, office and residential.
Expressions of interest close 26th March.
