Refurbished Melbourne office set to capitalise on ‘flight to quality’ trend

Melbourne’s popular inner metropolitan office sector is to undergo its latest test with the sale of 1601 Malvern Road, Glen Iris.

In a market starved of office investment opportunities, CBRE’s Capital Markets Office team of Tom Ryan and Scott Orchard have been formally appointed by the private owner to manage the off-market process via transaction manager Charter Keck Cramer.

The building, which has undergone an extensive refurbishment, offers circa 3,700sqm of office space over three levels and is situated on a Commercial 1 zoned corner site of 2,700sqm.

“The recent lease expiry of a major tenant has provided a great opportunity for the building to be smartly repositioned to a very high standard to capture tenants migrating to the best quality office offerings,” CBRE’s Mr Ryan said.

“Not only is the property in one of the most dependable and popular office markets in Melbourne’s inner-east, near Camberwell Junction and adjoining Gardiner Train Station, but all the hard work has been done and the expense already incurred in an environment of cost uncertainty and price escalations.”

Mr Orchard added, “The property offers some passing income from a new lease deal to RSEA Safety, setting the tone for the building’s new composition. It is perfect for an owner occupier or investor who can add further value through leasing and setting the desired tenancy profile for the long term.”