The Victorian home of Foxtel in Moonee Ponds is set to hit the market in the largest metropolitan office sales campaign so far in 2018.
Colliers International’s Peter Bremner, Trent Preece and John Marasco, in conjunction with CBRE’s Neva Courts, Luke Etherington and Josh Rutman, have been appointed to sell 1-21 Dean Street in Moonee Ponds on behalf of Charter Hall.
1-21 Dean Street, Moonee Ponds comprises 7,104sqm of net lettable area across four office levels plus basement car parking for 67 cars and a two-level car park of 176 bays adjacent to the building.
“This is the largest metro office building to be offered to the market so far in 2018,” Mr Bremner said. “It comes on the back of a third consecutive year of $1billion-plus sales in Melbourne’s metro office market and is sure to attract huge levels of interest locally, nationally and offshore from private investors, syndicates and institutions alike."
Mr Rutman said the property was purpose built for Foxtel in 2004.
“Foxtel is a longstanding tenant, having been located in this building for more than 14 years,” he said. “Foxtel staff love the location and the surrounding amenity offered on Puckle Street. Nearby public transport and ample on-site parking make it a highly desirable place to work."
The property is situated around 6km north-west of the Melbourne CBD, adjacent to the south-west corner of the Moonee Valley Racecourse and in close proximity to the Puckle Street retail strip. It offers convenient access to multiple public transport options including the Moonee Ponds Railway Station and Mount Alexander Road trams as well as being within easy access to motorways via the City Link tollway.
Mr Preece said the large 6,641sqm site offered two street frontages and Activity Centre zoning that would allow for a building height of 26 metres.
“There is potential for future residential development, or to build above the current multi-deck car park,” Mr Preece said. “The property, and any future development, will also benefit from its location just 100m from Moonee Valley Racecourse which is about to undergo a $2billion re-development over the next decade providing 2,000-plus apartments plus entertainment, mixed use and world famous racecourse hosting the Cox Plate."
“Given its favourable zoning and substantial street frontages, the property presents genuine potential for future high density development on the under-developed land component at the eastern end of the site as well as opportunities for constructing additional levels above the existing office building."
The building has recently undergone a refurbishment program, with a total capital expenditure of circa $1.5million.
“Charter Hall has taken great care to maintain and upgrade the asset, recently adding new end of trip facilities, new carpets and upgraded bathrooms,” Mr Etherington said. “This is a modern building with minimal capital expenditure required, which could suit future multi-tenancy offices or many future alternative uses like medical, health, serviced apartments, hotel or child care."
The property is for sale by Expressions of Interest closing Wednesday May 16 at 2pm.