Refurbished office in popular Camberwell Junction commercial market unlocked for sale

A fully refurbished office building in the tightly held Camberwell Junction commercial market is being offered for sale by Vantage Property Investments. 

The CBRE Capital Markets Office team of Tom Ryan and Scott Orchard have been appointed as exclusive sale agents by Vantage, owners and managers of the property since 1999.  

Vantage’s Managing Director Matt Spring said the property had been a very solid and dependable asset over the years for a small group of investors. 

“Some time ago we agreed with the group to realise the asset due to the long-standing ownership. The property has an exceptional location and is well positioned to provide growth and upside for a new owner. The versatility, location and quality of the building has contributed to its strong tenant retention story, with 80% of the existing tenants being in occupancy for an average of 11 years,” Mr Spring said. 

The property has six levels of office accommodation over 2,791sqm above a secure ground level car park with dual access for 50 cars. It generates a fully leased annual net income of $1,247,455. 

CBRE Director Tom Ryan said the asset was expected to generate strong interest from high-net-worth private investors, syndicators and fund managers. 

“The property has been positioned for an investor to sit back and enjoy the fully leased income with little else to do given the substantial recent refurbishment and capital expenditure,” Mr Ryan said.  

“The diverse income and staggered lease profile across sub-500sqm floorplates is highly attractive, making it a defensive and offensive asset through all market cycles.”  

The property is located 70 metres from the center of the Camberwell Junction at the base of the Burke Road retail precinct, one of Melbourne’s top strip retail destinations. The area is also home to The Well Shopping Centre, Rivoli Cinemas and dining precinct, Camberwell Train Station, trams and private schools. 

Fellow CBRE Director Scott Orchard noted that the property was situated in the heart of Melbourne’s proven inner eastern office market, which was home to corporate head offices and multi-national tenants. 

“The area has benefitted from long-term low vacancy rates and sees the most competitive tenant incentives due to supply constraints,” Mr Orchard said. 

“Additionally, the area continues to grow in popularity, being a beneficiary of the post pandemic trend of employees wanting to work closer to home. Business are heeding the call and looking to position themselves closer to their workforce and talent.”  

The property is for sale by Expressions of Interest closing on Wednesday 31 August at 2:00pm with expectations over $20,000,000.