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Market Insights

01.07.2019

Landmark office building to hit Melbourne city fringe market

Non-bank lenderRESCOM is divesting one of South Melbourne’s most high-profile corners at auction next month, following a decision to reposition its business locations. 

The mixed-use building at 100 Park Street is a three-level, 595sqm corner site, offering 1420sqm of lettable office and retail space. 

CBRE’s Julian White, Dylan Kilner and Chao Zhang have been appointed to market the property on behalf of RESCOM, which has owned and occupied the premises for over 20 years.

Mr White noted the auction would represent the sixth South Melbourne freehold sale this year. 

“As the shortage of Melbourne CBD office supply reaches 10-year highs, more owners looking to capitalise on demand from owner-occupiers and investors and rents in the city and city fringe are climbing at 16% per annum, leading tenants and investors to scramble for space,” Mr White said. 

Mr White added that 100 Park Street’s flexibility, corner position, 47m frontage and South Melbourne location would generate interest from almost every buyer pool, including owner-occupiers, value-add investors and land bankers, as well as office and residential developers, given the 60m height limit

Mr Kilner noted; “Given its high-profile Park Street and Kings Way corner frontage, this is one of the most well-known buildings in South Melbourne.”

“There is not only value in the existing building, but also its exposure to passing traffic – 10,000 vehicles daily – offering branding and advertising signage opportunities,” Mr Kilner said. 

100 Park Street is also set to benefit from the Victorian government’s $11 billion Anzac Station development at the intersection of Park Street and St Kilda Road, approximately 500m from the property – allowing easy access to the Melbourne CBD and inner northern suburbs.

100 Park Street will be taken to auction August 8, 2019, at 2.30pm (AEST).

SOUTH MELBOURNE FREEHOLD SALES
PROPERTY PRICE DATE BUILDING RATE LAND RATE
234 Albert Road, South Melbourne $3,400,000 Apr-19 $8,718 $11,448
182 Coventry Street, South Melbourne $4,155,000 Apr-19 $9,233 $20,775
97 Tope Street, South Melbourne $10,250,000 Mar-19 $10,343 $13,927
229-231 Moray Street, South Melbourne $2,430,000 Jan-19 $6,480 $12,926
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