The Dandenong Family Law Court has been listed for sale and will go to auction in November.
CBRE’s Scott Orchard, Scott Hawthorne and Jimmy Tat have been appointed to represent the private investor vendor, in conjunction with Gross Wadell’s Alex Ham and Michael Gross.
Mr Orchard said the Dandenong-based investment at 55-53 Robinson Street, featuring a Commonwealth Government tenant, was set to catch the attention of investors.
“The listing comes as government leased commercial properties continue to be hotly pursued by investors, for example the Newcastle Family Law Courts which transacted in September to Sydney-based fund manager Marprop for $35.3 million,” he continued.
The Dandenong family law courts service all areas outside of the inner-city suburbs, with the broader metropolitan and regional population relying on the facility to settle a range of matters.
The Commonwealth of Australia recently committed to a five-year lease, paying a current annual rent of $782,413 plus all outgoings including land tax.
The 2,371sqm land holding is zoned Comprehensive Development, with Mr Orchard noting the three-level building was currently underutilising the site’s potential.
“The allure of a robust fundamental property, underpinned by a government tenant and income stream, will appeal to investors through all market cycles – particularly during times when other investment options are volatile,” Mr Orchard said.
Mr Orchard added; “This strategic investment with reliable income also lends itself to a multitude of mixed-use opportunities, given its central location and proximity to the metropolitan activity centre which has had a lot of public and private infrastructure investment.”
“Dandenong has become a deeply entrenched commercial centre for both government, legal and financial services."
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2019 revenue). The company has more than 100,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 530 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
