Kew Junction investment opportunity up for grabs

One of Kew Junction’s most iconic office buildings has been listed for sale by the Melbourne-based Dumbrell family with a price expectation circa $20 million, amid a shortage of investment opportunities in 2023.  

Located at 17-27 Cotham Road, the four-level building, with views over Alexandra Gardens and the Melbourne CBD, comprises a net lettable office area of 2,860sqm, parking for 87 cars and a double basement.  

The property is fully leased to a variety of global and local tenants and returns a net income of $1.353 million per annum.

Gorman Allard Shelton’s Peter Bremner, Jonathon McCormack and Stephen Gorman, together with CBRE’s Scott Orchard and Tom Ryan are managing the sale via an Expression of Interest campaign which closes November 30, 2023.  

“This is a compelling investment opportunity located in one of Melbourne’s most well-regarded office markets. The building offers premium accommodation in an area of low supply. This is evidenced by its strong occupancy history and strong tenant retention,” Mr Bremner said.  

Being located east of the Kew Junction, the property offers a mix of retail and service amenities and benefits from the recent openings of dining venues such as Guy Grossi’s Puttanesca Osteria, Joseph Vargetto’s Mister Bianco, new Skinny Dog Rooftop and Studley Park Boathouse which recently reopened after a $5.8 million refurbishment.  

Mr Orchard added, “The property offers an exceptional opportunity for investors to buy a quality office with staggered lease expiries and a stablised income stream, with a number of longstanding tenants.”