Ideal time for owner occupiers to capitalise on available space as Kew East office changes hand from one owner occupier to another.
Colliers is pleased to announce the off-market sale of a prominent two-level office building at 714–716 High Street, Kew East. The modern office, totalling 902sqm, was sold for $4,350,000 to a local owner-occupier identified by Colliers before the campaign even launched.
The vendor, City Circle Group, has owned and occupied the property since 2017 and is now relocating to West Melbourne.
Strategically positioned in the affluent suburb of Kew East, the property is within short walking distance of the highly sought-after Harp Village retail precinct, which offers a range of amenities. It also boasts immediate access to Burke Road, Doncaster Road, and the Eastern Freeway, and is just 7.3km from the Melbourne CBD.
Alex Browne, Associate Director, Melbourne Metro Sales | Investment Services at Colliers, said, “Colliers Metro Sales are currently dealing with over 80,000sqm of active office owner-occupier requirements for Melbourne’s Metro and City Fringe. Aware of the competition, the buyer acted swiftly to secure the property before it was able to be marketed publicly.”
“The sale underscores the pent-up demand from prospective owner-occupiers in Melbourne’s Metro and City Fringe markets, who continue to offer a successful divestment solution for landlords selling vacant stock,” added Eddie Foulkes, Executive, Melbourne Metro Sales | Investment Services.
Matt Knox, Senior Executive, Melbourne Metro Sales | Investment Services at Colliers, commented, “This sale demonstrates a broader post-pandemic trend where businesses are upgrading and seeking ownership of their premises. There is an increasingly evident divide between high-performing and underperforming assets across all office grades—from B Grade to Premium. For owner-occupiers, now is an ideal time to purchase and capitalise on the supply of available space.”
The sale was managed by Colliers agents Alex Browne, Eddie Foulkes, Matt Knox, and James Zhuang.
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