Barkly House, a 1,563sqm* city fringe office investment, will go to auction after hitting the market this week.
The 950sqm landholding, which features a the three-level office building and is fully leased to a variety of long-standing tenants, is nearby the St Kilda Foreshore, Luna Park and St Kilda Botanical Gardens.
Mr James said the listing comes at a time when investors are demonstrating increased appetite for well-located, metropolitan and city fringe office investments.
“The property’s development prospects and proximity to the CBD, in addition to its substantial building size will attract domestic and international capital,” Mr James commented.
Mr Hawthorne added that; “Unsatisfied capital is looking for offices that can be re-positioned, re-benchmarking rents.”
“Office has been the investment class of choice for the past 24 months, with substantial capital value increases across the state, and enquiry for office investments in the sub-$15 million bracket increased by approximately 42% between 2018 and 2019.”
This listing follows the nearby sale of 1 Bowen Crescent in the St Kilda Road precinct in October 2019, as well as the recent off-market office sale (transacted by CBRE) of 28 Clarendon Street – the first major office transaction for 2020.
The 950sqm site is situated on a dual street frontage and has planning permits in place for a boutique residential development.
Barkly House is for sale via Public On-Site Auction on Wednesday, 8 April 2020 at 10:30am (AEST).
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