NEWS

Australia’s best office up for grabs at heart of bustling Chapel Street

Agents predict hot contest from office users, hospitality operators and luxury residential buyers.

An internationally renowned, award-winning office located at the heart of one of Melbourne’s most affluent strips is about to hit the market in a uniquely flexible investment opportunity.

Colliers International’s Daniel Wolman, Oliver Hay, Ben Baines and Chris Ling have been appointed to sell a critically acclaimed penthouse office at 529 Chapel Street in South Yarra on behalf of high profile local developer Bill McNee.

The 675sqm, two-level trophy office located in the heart of Chapel Street ‘s bustling retail and commercial precinct was crowned with one of New York’s most prestigious design awards in 2015, taking out Interior Design Magazine’s Best Interior Design Award. It was also named as a finalist in the Workplace Design and Workplace Less Than 1,000sqm categories at the 2015 Interior Design Excellence Awards in Australia.

Agents expect the property, which is currently home to Mr McNee’s development company VicLand Property Group, to attract interest in excess of $6.5million.

“This is a truly unique offering – there is no other office in Melbourne that compares to this one,” Mr Wolman said. “On offer is the world’s best office in the heart of one of Melbourne’s trendiest and most sought after suburbs.

“It is not only the outstanding design that sets this property apart, but also its flexibility in terms of future use. There is no other space in the market that offers such broad appeal, to not only office users but also to hospitality operators and residential buyers.

529 Chapel Street inside image

“With rooftop terraces incorporating a full-service bar and spectacular views and unique, high end design finishes, the building has the potential to be converted to become South Yarra’s most elite and luxurious penthouse or a sought after new hospitality hot spot.”

529 Chapel Street features striking communal and private workspaces, innovative entrances, steam rooms and luxury finishes with multiple rooftop terraces. Luxury features include a Sonos sound system throughout, automated bi-fold doors, a teppanyaki grill and beer taps on the external terrace.

Mr Hay said the premier asset provided a number of private and public spaces with double-height ceiling voids, exceptional natural light and seamless connectivity between indoors and outdoors.

“The design creates effective working spaces, providing workers with a high quality hospitality-style design unlike any other office in the world,” Mr Hay said. “The building would be well suited to a family office or small-to-medium business looking to take advantage of the immediate access to extensive surrounding amenity.

“Its creative opulence is intended to enhance satisfaction and productivity for occupants, with the flexibility of being well suited to a range of different business types or professions. This trophy asset has truly pioneered a new way to work, shop, eat and play.

“Meanwhile, for a hospitality operator, this sale represents an opportunity to provide South Yarra’s ever-growing affluent population with an exclusive rooftop bar and entertainment destination.”

529 Chapel Street is located within Chapel Street’s core South Yarra retail hub, surrounded by key destinations such as the Jam Factory and Como Centre and extensive high rise residential towers including Capitol Grand (450 apartments), Gisele (76 apartments) and Claremont Manor (318 apartments).

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