Real Estate Institute of Victoria sells long held Camberwell headquarters

After calling Camberwell Junction home for the over 4 decades, the Real Estate Institute of Victoria (REIV) has successfully sold its suburban headquarters to high-end residential developer ANGLE.

The 335 Camberwell Road asset occupies a prominent 3,808sqm site. It comprises an existing office building of 2,070sqm with 45 metres of Camberwell Road frontage and parking for 60 cars.

CBRE’s Tom Ryan, Scott Orchard, David Minty and Nathan Mufale negotiated the sale on behalf of the REIV.

REIV President Jacob Caine said, “The sale of 335 Camberwell Road is a great outcome for the REIV and our members, which will allow us to relocate our headquarters to a property which better suits our needs.”

ANGLE Director Lachlan Gibson commented, “We have a strong focus on delivering exceptional projects which complement their locations, and we are confident that Camberwell Road will be another great example of this.”

CBRE’s Mr Ryan said the public Expressions of Interest campaign generated strong interest, with eight bids from interstate and local buyers.

The sale price reflects a land rate approaching $7,000/sqm.

“Camberwell is a very dependable location drawing strong demand from a variety of buyer types. REIV House was no exception, with versatile improvements, underutilized landholding and diverse surrounding context suiting numerous possibilities.” Mr Ryan said.

Mr Minty added, “This depth of buyer interest reflects the strong demand for quality sites of scale suiting highly saleable residential product. It was most keenly sought by developers with confidence in the local downsizer and owner occupier buyer market and work being done on a new Camberwell Junction Structure Plan.”