This article is from the Australian Property Journal archive
ISPT has put its Church St showroom office building overlooking the Yarra River in Richmond on the market.
CB Richard Ellis agents Andrew Dawkins and Paul O’Connell are the exclusive selling agents and expect the property to attract significant interest from developers, private investors and owner occupiers.
Dawkins said the property’s prime city fringe location, short term income stream and future development potential would be significant drawcards for prospective purchasers.
“The building provides outstanding exposure and is arguably Church Street’s trophy asset and one of the finest sites on the city fringe,”
Constructed in 1996, the 4,350 sqm Church St office, Showroom and Warehouse complex would also appeal to owner occupiers and would make an ideal corporate Headquarters
The sale campaign is also expected to generate significant developer interest given the site has a current permit application for a 20,000 sqm office tower.
There is also potential for a future residential development, subject to council planning approval, with the 7,064 sqm site located in a precinct that is proposed to be rezoned to a Business 2 zoning, which would allow for residential use.
“There is the ability to generate significant income from the existing complex and achieve a future capital gain as a result of the proposed rezoning, which should underpin considerable buyer interest,” Dawkins said.
Expressions of Interest will close at on October 22.
Australian Property Journal
