A major inner suburban office building in Hawthorn associated with one of Melbourne’s most well-known property identities will be brought to market for sale.
Robert Kelly and Mario Nobrega of Gorman Kelly will be handling the sale of 1 Oxley Road in Hawthorn, conjunctionally with the CBRE’s Melbourne Middle Markets team of Mark Wizel, Josh Rutman and Scott Orchard.
Gorman Kelly and CBRE are representing the vendors, which are associated with a national top tier construction company.
Known for its distinctive orange louver façade design, the property comprises a three-level office building on an island land site in the heart of Hawthorn’s popular Glenferrie Road retail and commercial precinct. It sits directly opposite one the largest public council carparks in the precinct and benefits from 360 degree views.
The property, fully leased by Gorman Kelly, is located near several major schools, including Xavier College, Melbourne Ladies College and the acclaimed Swinburne University, as well as being directly accessible from Glenferrie Train Station and various tram routes.
Managing Director of Gorman Kelly, Robert Kelly, said the property’s ultra-convenient location would be a key consideration for investors considering a purchase.
“This low maintenance building, surrounded by retail, dining, public transport and other attractions in Melbourne’s most popular suburban office market, makes it an ideal low risk asset,” Mr Kelly said.
CBRE’s Josh Rutman said the sale campaign came at a time of historic low office vacancy in the Boroondara office market, and limited supply of new office space in the suburbs of Hawthorn and Camberwell.
“There has been a rush of tenant demand for space in the inner suburbs of Melbourne, particularly from those businesses whose directors and staff live in the surrounding area. With virtually zero construction of new office accommodation in the precinct, there will continue to be upward pressure on rentals for buildings like 1 Oxley Road.
“Similarly, the blue-chip nature of the area, affluent demographic and appeal to occupiers has supported strong investor demand for offices which are in short supply for those looking to own such assets,” Mr Rutman said.
The property is set to be auctioned 11th May on-site, with expectations of more than $9 million.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2017 revenue). The company has more than 80,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 450 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.
