This article is from the Australian Property Journal archive
ORCHARD Piper has sold out its six strata office suites in as many weeks, setting a new Melbourne city fringe sell-down record.
The $120 million mixed-use 366 Albert Street project in East Melbourne, around 2km out from the CBD and overlooking Fitzroy Gardens, saw the entirety of its two-level office offering snapped up in six weeks.
Ben Baines, George Davies and Raphael Favas of Colliers managed the sale of the offices, in a campaign which generated more than 150 enquiries from both local and offshore investors and owner-occupiers.
“This development represented the first opportunity in decades for high net worth investors and quality-driven business owners to secure brand new strata office space in East Melbourne, widely known as one of Australia’s most prestigious and expensive postcodes,” said Baines.
A local owner-occupier who supplies products to Bunnings snapped up three suites spanning 742sqm on Level 1, with the supplier set a new price record for strata office space in Melbourne’s city fringe, spending approximately $10.5 million on the suites.
“Owner occupier purchasers in particular fell in love with the stunning heritage façade incorporated into the development combining brand-new premium office space with the charm of the existing buildings,” said Davies.
In total, the office sales at 366 Albert Street reflected an average building rate of circa $15,000/sqm, setting another record for Melbourne city fringe office space.
“The final sales results achieved have set a new record for strata office rates outside of the Melbourne CBD and as a result set a significant new benchmark,” said Favas.
“This demand is consistent with the activity in the strata market with almost $100 million worth of strata office sales concluded already by the Colliers Melbourne strata team.”
The 1,200sqm development will also feature 13 bespoke residences across six levels, with architecture by Jolson and landscaping by Myles Baldwin Design, the remaining luxury residences are priced from $3.495 million.
“We’re pleased the local commercial market has appreciated our design-led approach equally as strong as our typical residential clients. Albert Street is a seamlessly integrated, high quality mixed-use project with architectural integrity,” says Luke McKie, director at Orchard Piper.
Construction at 366 Albert street has now commenced, with Minicon appointed as builder and completion scheduled for Q3 2024.
