The home of renowned international auction house Mossgreen has been listed for sale and is expected to fetch up to $10 million.
Mossgreen Auctions, a specialised auction service, occupies the 926-930 High Street, Armadale property and has committed to a long-term, 12-year lease with options.
CBRE’s Strip Retail Investments team, comprising Josh Rutman, Rorey James and Lewis Tong, has been exclusively appointed to market the property, which sits across two separate titles and is positioned on a 1,221 sqm site.
Mr Rutman said the building’s prominent position on the high-profile retail strip, proximity to Melbourne’s most affluent suburbs and the seven-day trading nature of the area are expected to be key drawcards for investors.
“Long-term, secure leases are hard to find in the current market, with many economists taking a ‘lower for longer’ view on investment returns. The fixed annual rental increases will prove highly attractive to prospective investors looking to house their funds in bricks and mortar assets,” Mr Rutman said.
Mr James added: “In addition to the impeccable existing building, the property sits on a very strategic land holding which presents a number of future development options. Opportunities include activating the rear frontage for additional retail tenancies, due to the proximity to the train station and associated pedestrian ant-trail.”
Built in 1912, the former Armadale Picture Theatre has been extensively restored and renovated to become a successful exhibition and entertainment venue.
The building comprises several auction rooms, art galleries and tea-rooms, and benefits from 20 metres of dual frontage, extensive parking facilities at the rear and is well-serviced by High Street trams and Armadale Station.
Mossgreen has been in operation for over a decade and has become Australia’s premier auction service – overtaking Sotheby’s. Notable artists associated with Mossgreen include Charles Blackman, Brett Whiteley and Russel Drysdale.
926-930 High Street is being offered for sale via International Expressions of Interest, closing Wednesday June 28, 2017 at 5:00pm.
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CBRE Group, Inc. (NYSE:CBG), 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 2016 revenue). The company has more than 75,000 employees (excluding affiliates), and serves real estate investors and occupiers through more than 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.