outstanding office investment with development upside in key inner-melbourne suburb

outstanding office investment with development upside in key inner-melbourne suburb


April 2019
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Outstanding Office Investment with Development Upside in Key Inner-Melbourne Suburb

A large and prominent landholding in Melbourne’s high-performing Kew East, has recently been placed on the market, with resounding investment benefits and longer-term development potential.

The Kew Corporate Centre, located at 830–832 High Street & 1401 Burke Road, Kew East, encompasses a sprawling 4,864sqm of land with two high-profile street frontages. The site comprises four office buildings offering a current net lettable area of 3,520sqm.

Knight Frank have been exclusively appointed to bring this considerable investment and development opportunity to the market via Expressions of Interest, closing Thursday 23 May 2019 at 3pm. 

“This truly is a sound investment that offers immediate rewards” Selling agent Tom Ryan commented.

“Located in a highly sought after designation, the corporate centre presents four individual buildings with 111 on-site car spaces. It is also currently 92% leased, with an estimated fully leased net income of $823,745 per annum (approx.).”

With the considerable holding income that this property generates, potential purchasers are afforded the time to plan further improvements or complete re-development (STCA) should they desire.

Knight Frank agent Tim Grant added that, “there exists substantial development potential for the site, which includes but is not limited to Office (Strata & Leasehold), Aged Care, Residential, Hotel, Retail (STCA).
 
 “The highly sought after address is another key benefit of the offering, as some of Melbourne’s premier suburbs surround the area and present a median house price of $1.6 - $2.5 million.
The Harp Village Retail precinct is less than 1km away, while Kew Junction and Camberwell Junction retail precincts are both less than 3kms away.”
 

Summary:

  • 4,864sqm with two prominent street frontages
  • 4 Standalone office buildings with a NLA of 3,520sqm* with 111 car spaces
  • 92% leased with estimated fully leased net income of $823,745 per annum (approx.)
  • Potential development outcomes include Office (Strata & Leasehold), Aged Care, Residential, Hotel, Retail (STCA)

*Please note that all financials, measurements and distances quoted are approximate only.

The Kew Corporate Centre, at 830–832 High Street & 1401 Burke Road, Kew East, is to be sold via Expressions of Interest, closing Thursday 23 May 2019 at 3pm.
 
 For further information, please contact Knight Frank

Tom Ryan: +61 419 786 244
Tim Grant: +61 478 666 275
Tom Zhou: +61 433 311 280
Paul Henley: +61 421 059 720