The Real Estate Institute of Victoria, the state’s peak representative body for real estate practitioners, is selling its long-standing headquarters at 335 Camberwell Road in a move expected to generate significant investor and developer interest.
The property occupies a prominent 3,808sqm site in the Camberwell Junction precinct, comprising Commercial Zone 1 land with extensive frontage to Camberwell Road as well as a Neighbourhood Residential Zone land at the rear fronting Butler Street.
CBRE’s Tom Ryan, Scott Orchard, David Minty and Nathan Mufale have been exclusively appointed to steer the high-profile sale campaign on behalf of the REIV, which is offering the property with vacant possession.
REIV President Andrew Meehan said, “As we bid farewell to our beloved corporate home we embark on a new chapter in our organisation’s journey. 335 Camberwell Road has served us well however, the property is underutilised, hence our decision to relocate to more suitable accommodation. We are grateful for the memories made within these walls and excited about the opportunities that await us.”
CBRE Director Tom Ryan said the Expressions of Interest campaign provided an extraordinarily rare opportunity to secure an immensely flexible property in a high amenity location.
The property features a 2,070sqm office building, 45 metres of frontage to Camberwell Road and parking for 60 cars.
“Every decade or so Camberwell sees a major landmark surface – in this case 335 Camberwell Road, which the REIV has been the custodian of for almost 50 years. The site suits office, education, or other owner occupier uses. However, subject to the relevant approvals the near one acre of prime land sets the scene for high end residential, mixed-use or alternative development given the attractive planning framework,” Mr. Ryan said.
The property is close to Camberwell’s renowned Burke Road retail and dining precinct, which includes the Rivoli Cinema complex, The Well shopping Centre and Camberwell railway station.
“The commercial investment and development markets in Camberwell continue to be as dependable as ever given constrained supply, affluent demographic and the popularity of the residential sector. Together with Hawthorn, Camberwell has one of Melbourne’s most highly regarded office markets and benefit from being home to many of Melbourne’s top private schools and tertiary education providers,” Mr. Ryan added.
Expressions of Interest close Thursday 2nd November at 2pm, with price expectations in the mid-$20 million range.
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