Dandenong’s Family Law Court has been listed for sale, with investors looking to develop the site already circling.
Listed with CBRE, the three-level property is heading to auction later this month and is expected to fetch in excess of $11 million.
Located at 55-53 Robinson Street, the Dandenong Family Law Court is roughly 30 kilometres from Melbourne’s CBD and with a Commonwealth Government tenant tied down to a five-year lease, the property offers a fine balance of stability and immense potential.
CBRE’s Scott Orchard said that whilst other markets struggle, the versatility of this offering is sure to attract a host of bidders come the auction day, as listings of a similar ilk have proven in recent months.
“The allure of a robust fundamental property, underpinned by a government tenant and income stream, will appeal to investors through all market cycles – particularly during times when other investment options are volatile,” he said.
The listing comes as government leased commercial properties continue to be hotly pursued by investors, for example the Newcastle Family Law Courts which transacted in September to Sydney-based fund manager Marprop for $35.3 million.Scott Orchard – CBRE
He went on to say that the site’s Dandenong location was a major drawcard for potential investors looking to capitalise on the variety of different sectors that are present in the area.
“Dandenong has become a deeply entrenched commercial centre for both government, legal and financial services,” said Mr Orchard.
The Commonwealth of Australia recently committed to a five-year lease, paying an annual rent of $732,413 on top of all outgoings including land tax.
This strategic investment with reliable income also lends itself to a multitude of mixed-use opportunities, given its central location and proximity to the metropolitan activity centre which has had a lot of public and private infrastructure investment.Scott Orchard – CBRE
53-55 Robinson Street Dandenong VIC 3175