Building 8, 658 Church Street, Richmond for sale via Expressions of Interest.
Colliers International and Dawkins Occhiuto have been appointed to sell a modern office investment opportunity located in the highly regarded city fringe office precinct of Richmond.
The property is being marketed by Colliers International’s Peter Bremner and Rob Joyes, and Dawkins Occhiuto’s Andrew Dawkins and Walter Occhiuto.
The asset is expected to attract offers in the high $30 million’s which represents a yield of approximately 6%.
“Located in Richmond, the hottest city fringe office market in Australia, an investment opportunity of this calibre rarely comes to market,” said Mr Bremner.
“The building was recently extensively refurbished and leased to four high-profile tenants from the media and marketing sector in DDB, Designworks, Bauer Media and IVE Group with a WALE of just under six years.”
Mr Dawkins said “This trophy asset will appeal to a wide cross section of buyers including private investors, syndicates, institutions and offshore buyers.”
“The owners have recently spent considerable money on a building refurbishment and the mechanical services with the building presenting immaculately.”
Building 8, 658 Church Street, Richmond comprises a securely leased office investment located within Melbourne’s premier city fringe office estate, Richmond Corporate Park.
The three-level office is configured as north and south office buildings joined by a large central foyer with a net lettable area of 5,184.1 sqm and 97 on-site car parks.
Rob Joyes, who was involved in securing the tenants, confirmed “the building had recently been re-leased with minimal amount of downtime which substantiates Richmond’s status as the most sought after city fringe office location.”
“The city-fringe vacancy rate has recently hit a record low of 3.47% and the last six months has seen a 13% increase in A Grade Net Face Rents.”
The Expressions of Interest campaign closes on Friday 5 May at 2pm and is expected to attract interest from a variety of buyers seeking a long term secure income from a blue chip tenancy mix in the heart of Richmond.