Colliers International has announced a new prime investment opportunity for discerning buyers in the highly regarded city-fringe office precinct of Richmond.
The property, an ultra-modern office building at 658 Church Street, Richmond, is being marketed in conjunction with Dawkins Occhiuto’s Andrew Dawkins and Walter Occhiuto.
The asset is expected to attract offers in the high $30million range, representing a yield of about six per cent, according to Colliers International’s Peter Bremner and Rob Joyes.
“Located in Richmond, the hottest city-fringe office market in Australia, an investment opportunity of this calibre rarely comes to market,” Mr Bremner said.
“This building was extensively refurbished recently and leased to four high-profile tenants from the media and marketing sector – DDB, Designworks, Bauer Media and IVE Group – with a WALE of just under six years.”
Mr Dawkins said the “trophy asset” would appeal to a wide cross-section of buyers, including private investors, syndicates, institutions and offshore buyers.
“The owners have spent considerable money on the refurbishment and the mechanical services within the building are presenting immaculately,” he said.
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.
It has a net lettable area of 5,184.1 square metres and 97 on-site car parks.
Mr Joyes, who was involved in securing the tenants, said the building had recently been re-leased with minimal amount of downtime.
“This substantiates Richmond’s status as the most sought-after city-fringe office location,” he said.
“The city-fringe vacancy rate has recently hit a record low of 3.47 per cent and the past six months have seen a 13 per cent increase in A-grade net face rents.
“We’re expecting 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.