A Victorian-era office property in Carlton - formerly the home of well-known fashion houses and model agencies – has been listed for sale.
CBRE Melbourne City Sales, in conjunction with RT Edgar, has been appointed to sell the 68 Drummond Street property on behalf of renowned Australian fashion designer Gilles Du Puy and his wife.
The property is being offered for sale via Expressions of Interest closing Thursday the 6th of April at 2:00pm.
The Victorian terrace property spans 600sqm over two levels, providing enough space for 35 - 40 staff to work in a business environment – or reestablish as a family home.
The interior features marble tiling and high ceilings, while the external area boasts a roof top terrace and hugely versatile office spaces at the rear, which surround an internal courtyard with an impressive fishpond.
The property has been leased previously by creative, marketing and fashion agencies, including IMG Model and Clemenger BBDO. With a mix of open plan and private offices throughout the premises, there is potential to accommodate numerous office both upstairs and downstairs, creating a unique office opportunity for any tenant.
CBRE’s Josh Rutman, who is marketing the property in conjunction with fellow agents Nick Lower and Tom Tuxworth, said the luxurious property offered an outstanding opportunity for both commercial and residential owner occupiers, investors and developers.
“This unique property has two feels. The front half is like an experience in the South of France, or a walk through the famous Italian seaside village of Cinque Terra,” Mr Ruttner said.
“The rear, capturing the modern details, was designed by world famous renowned architect Nonda Katsalidis, and includes a unique water feature within an impressive courtyard.”
The property benefits from a central position in Melbourne’s CBD fringe, located near Lygon Street’s retail strip, a nearby food and lifestyle precinct, the iconic Carlton Gardens and Exhibition Building as well as RMIT and Melbourne University.
CBRE Senior Research Analyst Anne Flaherty said Melbourne’s city fringe office market had experienced solid rental growth in recent times.
“There has been solid rental growth for office properties in the city fringe, which can be attributed to strong demand for office space – combined with substantial withdrawals of stock for residential conversion,” Ms Flaherty explained.
“Further withdrawals are slated over the coming years, which is supportive of further rent growth.”
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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 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.
