Refurbished, high profile and flexible corporate HQ suiting investors and owner occupiers
Investors and owner occupiers are expected to target the offering of a prominent Mulgrave office building following a string of recent commercial office sales in suburban Melbourne.
05 Oct 2018
The CBRE Melbourne Middle Markets team of Scott Orchard, Lewis Tong and Josh Rutman has been appointed to sell the 362 Wellington Road property – one of most prominent in the suburb’s highly regarded Mulgrave Business Park.
The two-level, 3,611sqm building has recently undergone an interior refurbishment and offers a high car parking ratio of 218 spaces. It occupies at large site area of almost 9,000sqm.
CBRE’s Mr Orchard said the property would be an ideal corporate HQ for owner occupiers or tenants given both its prominence and proximity to Springvale and Wellington Roads - one of the most trafficked intersections in Melbourne, offering easy access to the Monash Freeway.
“The property would suit investors, owner occupiers and even value-add buyers, who could leverage the surplus land component and the property’s dual street frontage,” Mr Orchard said.
“The property’s location will be a significant draw card, with the building located in one of Australia’s most recognised business, education, technology, innovation and research precincts, which has been identified by the Victorian Government as a major Melbourne employment cluster.”
This is expected to attract particular interest from occupiers in the infrastructure, technology, education and healthcare sectors.
The campaign coincides with a surge in tenant demand and activity in Melbourne’s suburban office sector, underpinned by ongoing white collar employment growth.
CBRE’s Mr Rutman said this had driven positive rental growth in eastern suburban markets and Mulgrave - a high-tech precinct - continued to be targeted by leading national and international businesses.
“The strong supporting economic conditions have underpinned an ongoing appetite for suburban investment opportunities, as evidenced by the diversified spread of buyers participating in recent auctions and Expressions of interest campaigns,” Mr Rutman said.
“Investors are attracted by the market’s long-term prospects, while owner occupiers are seeking to capitalise on historically low interest rates in a market where rents are continuing to increase.”
362 Wellington Road is being offered for sale via Expressions of Interest closing Thursday 25th October at 2pm.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), 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 2017 revenue). The company has more than 80,000 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.
Neither CBRE nor its affiliated companies make any warranties or claims on the implied accuracy of the information contained herein.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE: CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2021 revenue). The company has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of 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 https://www.cbre.com.