Classic Abbotsford Value Add Office Opportunity

JLL & Vinci Carbone has been appointed to sell a character-filled freehold in Abbotsford’s most prized commercial hubs – Trenerry Crescent.

The former Austral Silk and Cotton Mills Factory was built in 1927 and was the HQ of the Australian Education Union’s Victorian branch before being transformed into an open-plan office building that benefits from high levels of natural light to four sides and optimal sized floor plates averaging 1,063sqm to accommodate all manner of tenants.

Situated in a spectacular setting adjacent to the Yarra River bike path and Melbourne’s infamous Dights Falls, the building that sits on over an acre of land is expected to sell for more than $23 million.

JLL’s Josh Rutman, Nick Peden, Tim Carr and MingXuan Li, in conjunction with Vinci Carbone’s Frank Vinci and Joseph Carbone will be marketing the property via an International Expressions of Interest process closing on Thursday 30th March 2023 at 2pm (AEDT).

According to JLL’s Josh Rutman, “the building is likely to appeal to a broad range of prospective purchasers due to the property’s excellent fundamentals, being a high-quality existing freehold occupying a substantial river fronted landholding, located within one of Melbourne’s most sought-after Fringe locations.”

“This is an incredibly unique offering being one of just four freehold office buildings on Trenerry Crescent,” Mr. Rutman said.

“There has been a clear surge in tenant activity within Abbotsford over the past 18 months, with major corporations including Computershare, Hamilton Marino, GlaxoSmithKline, Nike and CUB all endorsing the precinct. We see this to be a compelling trend that will encourage buyers to deliver an exceptional product at Yarra House that will no doubt be well received by the tenant market.   

Vince Carbone’s Frank Vinci said, “The 5-level classic red brick office building will be a statement headquarters in an increasingly popular location office between the CBD and the Yarra parklands.

In addition to the above average car parking provisions, featuring 140 undercover and at-grade spaces, the building is positioned just 300m from the nearest railway station and the Hoddle St-Punt Rd traffic spine. The building sits on a 4,389 sqm site and offers views along Yarra River, Kew parklands and is opposite the historic Victoria Park football ground that was once home to Collingwood football club.

The precinct includes Victoria St and Johnston St the area has excellent retail and food amenities on its doorstep with Smith St and Brunswick a short distance away.

Yarra House will be sold via Expressions of Interest closing Thursday 30th March 2023 at 2pm (AEDT).

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