A premium investment within one of Melbourne’s most tightly held office markets is set to attract interest in the low $20 million’s with its strong investment credentials and flexible zoning.
1183 Toorak Road comprises a two-level office building constructed in circa 1989 with a total NLA of 2,645.5sqm plus two levels of secure basement parking for 98 cars.
“The property presents in excellent condition, recently having undergone refurbishment works including lift replacement, lobby upgrades and external façade cosmetic works,” Mr Bremner said. “This truly is a set-and-forget investment for any astute purchaser, but also offers strong underlying land value.”
The property is located within the inner eastern Melbourne suburb of Camberwell, an affluent office precinct which is characterised by a resilient low vacancy rental markets and limited new supply.
The office building is currently 100% leased to tenants including Lion Beer, Wine & Spirits, Reliance HR Solutions trading as Junior Adventures Group, Relationships Australia and EonX. These tenants provide a current approximate net passing income of $1,229,823 per annum and a WALE of 4.23 years.
“A WALE in excess of four years within the Melbourne metropolitan office market is rare and demonstrates the quality of this location and office building,” Ms Clohesy said. “This WALE provides security of income and each lease has further options ranging from three to five years.”
The significant site of 1,807sqm is favourably zoned Commercial 1, allowing for a wide range of future redevelopment (STCA).
“Although the property is not yet positioned for redevelopment, it is rare to acquire a site of this size and zoning within the inner east market due to a lack of stock and redevelopment already occurred. This truly is the ideal land banking opportunity,” Mr Bremner said.
Camberwell is situated 9km east of the Melbourne CBD and enjoys great retail amenity and excellent access to public transport and major arterials. Burwood Train Station is just 450m from the property and the Monash Freeway is less than 3km from the property.
1183 Toorak Road, Camberwell is for sale via International Expressions of Interest closing Thursday 17 March at 3pm (AEDT).