$4.45m Melbourne Sale Underlines Vacant-Office Demand
Two vacant offices in Melbourne’s prestigious suburb of Hawthorn East have been snapped up for $4,450,000 in a show of strength for the city’s commercial market.
The properties, located at 345-347A Riversdale Road, were purchased by a local investor after being listed with CBRE.
The buildings occupy a total of 878sqm prime Melbourne office space and drew significant interest, as CBRE’s David Minty explained.
“Following a campaign that attracted more than 125 enquiries, eight bidders submitted offers for the property, which was eventually sold unconditionally to a domestic buyer,” he said.
The result demonstrates the demand for well-located properties, especially considering the property’s prime suitability for an owner-occupier.
David Minty – CBRE
The sale follows a growing trend of investors looking to snap up nearby offices with high levels of vacancy after 169 Camberwell Road also transacted for $3,500,000 in recent weeks.
CBRE listing agent Scott Hawthorne said that the current market is a blend of vendors looking to cash in on their assets and buyers aiming to take advantage of the appealing conditions.
“We’ve seen a number of notable transactions of offices with high vacancy rates in recent weeks,” said Mr Hawthorne.
“Some passive owners are looking to offload properties that are not currently providing an incoming stream, while investors are taking a long-term view of the leasing market and tenant demand on the other side of the COVID-19 health crisis.
Scott Hawthorne – CBRE
