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Market Insights

17.10.2019

B2B Lawyers moves to sell East Melbourne office

CBRE has been appointed to manage the sale of a Victorian heritage office building adjacent to the landmark Melbourne Cricket Ground.

76-78 Jolimont Street, East Melbourne comprises a three-level freestanding office building with nine car parking spaces in the prestigious suburb of East Melbourne. 

CBRE Melbourne’s City Sales team of Julian WhiteJosh RutmanNathan Mufale and Chao Zhang will manage the campaign on behalf of B2B Lawyers.

Currently occupied by B2B Lawyers, the property is being offered with a flexible leaseback returning approximately $198,568 per annum.

The property offers buyers future development or conversion potential providing for elite residential, hotel, medical or commercial uses (STPA).

Located on the northern side of Jolimont Street directly opposite Brunton Park, the property benefits from close proximity to Jolimont Train Station, Wellington Parade tram and bus networks and is walking distance to the Melbourne CBD.

Mr White noted East Melbourne is considered of Melbourne’s most premium suburbs with new residential developments achieving average sale rates in excess of $20,000/sqm.

“This is Australia’s hottest office market with the lowest vacancy rate in the country at 1.9%,” Mr White commented. 

“Rising demand from education and co-working occupiers has also brought new participants into the market, contributing to one of Melbourne’s tightest vacancy rates in close to a decade at 3.3%.” 

Mr Mufale noted; “This is only the second East Melbourne freehold office building to hit the market in 2019 and will be perfectly suited to investors looking to secure real estate in one of the most tightly held commercial pockets of Melbourne.” 

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