This article is from the Australian Property Journal archive
VICTORIAN real estate agents’ peak body the Real Estate Institute of Victoria (REIV) is moving to sell its headquarters of almost 50 years in Camberwell, which is tipped to fetch in excess of $20 million.
CBRE’s Tom Ryan, Scott Orchard, David Minty and Nathan Mufale have been appointed to sell the property with vacant possession, which is expected to generate significant investor and developer interest.
The property is expected to sell around the mid-$20 million.
Set on a prominent 3,808 sqm Commercial Zone 1 site at 335 Camberwell Road, in the Camberwell Junction precinct, it also has a Neighbourhood Residential Zone land at the rear fronting Butler Street. It is improved by a 2,070 sqm office building, 45 metres of frontage to Camberwell Road and parking for 60 cars.
REIV president Andrew Meehan said the office has served the institute well however, the property is underutilised.
“Hence our decision to relocate to more suitable accommodation. We are grateful for the memories made within these walls and excited about the opportunities that await us.
“As we bid farewell to our beloved corporate home we embark on a new chapter in our organisation’s journey,” said Meehan.
Ryan said the expressions of interest campaign provided an extraordinarily rare opportunity to secure an immensely flexible property in a high amenity location.
“Every decade or so Camberwell sees a major landmark surface – in this case 335 Camberwell Road, which the REIV has been the custodian of for almost 50 years. The site suits office, education, or other owner occupier uses. However, subject to the relevant approvals the near one acre of prime land sets the scene for high end residential, mixed-use or alternative development given the attractive planning framework,” Ryan said.
The property is close to Camberwell’s renowned Burke Road retail and dining precinct, which includes the Rivoli Cinema complex, The Well shopping Centre and Camberwell railway station.
“The commercial investment and development markets in Camberwell continue to be as dependable as ever given constrained supply, affluent demographic and the popularity of the residential sector. Together with Hawthorn, Camberwell has one of Melbourne’s most highly regarded office markets and benefit from being home to many of Melbourne’s top private schools and tertiary education providers,” he added.
The EOI close Thursday 2nd November at 2 pm.
