This article is from the Australian Property Journal archive
A MIXED-use property within the Monash Technology Precinct and next to the future Suburban Rail Loop is expected to fetch $20 million.
88 Ricketts Road, Mount Waverley comprises a 1.8-hectare site occupied by two separate buildings, a 6,045sqm warehouse at the rear and a 4,165sqm late 1980s office building at the front.
Paul Burns and Chris James from Fitzroys have been appointed to market the property via an expressions of interest campaign that is set to close on 8 December.
With its flexible Special Use Zoning which enables a range of industrial, office and warehousing uses, the site presents potential buyers with the opportunity to occupy, develop or value-add.
Currently, the office building is partially leased with BlueScope Distributions as the major tenant, while the rear warehouse building is predominantly leased to Melbourne Unique Badminton Centre, though this lease has a demolition clause.
“The property offers the chance to deliver a commercial or industrial building, business park or last-mile facility at a time of huge demand for highly accessible workplace and logistics opportunities in busy urban locations,” said Burns.
“The ongoing e-commerce boom makes this perfectly positioned for a last-mile facility location.”
“The expansive site area gives developers the flexibility to deliver a brand-new commercial building or premier business park in whole or in stages.”
Sitting next to the Monash Freeway, near the Blackburn Road interchange, the property boasts direct connectivity to Melbourne’s CBD, eastern suburbs and south eastern suburbs.
While its placement in the Monash Technology Precinct makes it a neighbour to Monash University, the CSIRO, new $564 million Victorian Heart Hospital and Australian Synchrotron.
“The Suburban Rail Loop will further mint the location’s credentials as arguably Melbourne’s best suburban technology, healthcare, and e-commerce precinct,” added Burns.
“There’s a number of occupiers who have or are likely to need alternative accommodation due to the Suburban Rail Loop – there has been and will be land compulsorily acquired for its construction.”
The expressions of interest campaign for 88 Ricketts Road, Mount Waverley is set to close on 8 December 2023.
