A Moonee Ponds office building, the Victorian stomping grounds for media entertainment provider Foxtel, has hit the market as the largest metro office building offering so far in 2018.
At 1-21 Dean Street, the building comprises 7,104 square metres 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.
The building, managed by Charter Hall, has undergone a recent $1.5 million refurbishment to include new end-of-trip facilities, offices and upgraded bathrooms.
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Despite being purpose-built for Foxtel’s operations, sales campaign managers Colliers International and CBRE said the building will provide a range of possibilities in the growing office market.
The property will also present 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.
CBRE’s Trent Preece said the building’s 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,” he 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 $2 billion re-development over the next decade providing 2,000-plus apartments plus entertainment, mixed use and world famous racecourse hosting the Cox Plate.”
Located six kilometres from Melbourne’s CBD, the Dean Street building will pose an opportunity for investors to penetrate a growing suburban office market, which has seen strong effective rental growth of more than 15 per cent, and an average capital value growth 25 per cent.