This article is from the Australian Property Journal archive
A WRAP up of development and commercial property investment opportunities across Australia.
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Office
Around $35 million is expected for a former Victoria University campus in Melbourne’s CBD.
The seven-level building at 301 Flinders Lane has been put up for sale by the Poulakis family, owner of clothes retailer Harrolds, two years after the university left.
The Poulakis family had acquired the asset in over the 2016 Christmas holiday for $34.2 million, on a tight 3.9% yield, from a Singaporean company backed by Prince Abdul Qawi of Brunei.
Since the university’s exit, the building has been reconfigured to accommodate individual tenants on a floor-by-floor basis. Four of the seven floors are leased, with an estimated fully leased net rental being $1.85 million per year.
The freestanding office building has 4,747 sqm of floor space and has undergone recent upgrades. It is on an 895 sqm site with future development potential.
JLL are managing the expressions of interest campaign, which closes 8th August.
Industrial
Melbourne, VIC
Also in the Melbourne CBD, around $10 million is expected for a building that has hosted events ranging from warehouse sales and product launches to weddings and private events.
The 524 Flinders Street offering is fully leased until 2025 to longstanding tenant “524 Flinders”, which has operated the event space for over 10 years.
The freehold is being offered for sale for the first time in 41 years, offering a rare entry point to Melbourne CBD gateway location. Colliers’ Matt Stagg, Nick Garoni, Ted Dwyer, and Yvonne Zhou have the listing.
Stagg said the flexible asset is primed for investment, occupation, value-add or redevelopment, and lends itself to a range of future uses, including office, hospitality, hotel, education, residential or any mixed-use combination.
The modern internal event and office space of 635 sqm has a modern blank canvas feel with polished concrete floors and exposed timber. It is on a 390 sqm land parcel with a triple frontage of 55-plus metres to Flinders, Katherine and Mercantile streets.
Twenty-five metres away, Sand Hill Road is redeveloping the Waterside Hotel on the corner of Flinders and King Street, with the $27 million project to bring a six-level hotel that would accommodate almost 1,400 patrons.
Industrial
Cartwrights Hill, NSW
A 6.7 hectare industrial-zoned property, close to the Olympic Highway and the Wagga Wagga RIFL Hub, is on the market and offers potential for owner occupiers, investors and developers.
Colliers’ Ben Malden, who is managing the expressions of interest campaign for 62 Old Bomen Road with colleague Bella Kanellopoulos, said the site’s REZ zoning encourages a wide range of industrial uses, and there is also potential for subdivision.
Kanellopoulos said the nearly 67,000 sqm property has over 400 metres of frontage to Old Bomen Road, with excellent visibility to passing traffic, and is ideally situated in a industrial growth corridor.
“62 Old Bomen Road is an accessible opportunity of scale.”
Cartwrights Hill sits on the outskirts of Wagga Wagga and is less than 10 kilometres from the CBD. Kanellopoulos said it is positioned close to the Wagga RIFL Hub, which will not only be a future, major multi-modal hub serving the region, but a key freight transport hub for the eastern seaboard.
Office
Nunawading, VIC
In Melbourne’s east, a high-exposure, fully-fitted office suite is being offered for sale via expressions of interest, with expectations of more than $750,000.
The first-floor Suite 8, 197-199 Springvale Road spans 177 sqm and is bathed in natural light, and benefits from dual frontages and five car spaces. The is in a strategic position at the corner of Springvale Road and Market Street, and close to Nunawading train station and the Whitehorse Road “Golden Mile”.
Paul Farrelly of Sutherland Farrelly has the listing.
