SUBURBAN OFFICES - THE AGE
Posted on 18 March 2023
After a slow start to the year, suburban office listings are starting to roll out. Kew Junction is one of the first off the mark, with 85-87 High Street up for sale.
Despite being fully leased, the property’s marketing suggests offices may not necessarily be its most valuable future use. It comes with planning approval for a 10-level , 118-unit apartment building, with three levels of parking, ground floor cafe and office .
The 2286 sqm three-storey office that sits on the 1840 sqm site at present, on the western side of High Street, has a three-star NABERS energy rating and is fully leased at $1.08 million a year.
Records show the vendor bought it for $9 million in 2013. It is expected to fetch between $17 million and $18 million this time around.
Vinci Carbone agents Joseph Carbone and Frank Vinci, together with Gorman Allard Shelton’s Peter Bremner, Tom Maule and Jonathon McCormack, are handling expressions of interest.
Despite being fully leased, the property’s marketing suggests offices may not necessarily be its most valuable future use. It comes with planning approval for a 10-level , 118-unit apartment building, with three levels of parking, ground floor cafe and office .
The 2286 sqm three-storey office that sits on the 1840 sqm site at present, on the western side of High Street, has a three-star NABERS energy rating and is fully leased at $1.08 million a year.
Records show the vendor bought it for $9 million in 2013. It is expected to fetch between $17 million and $18 million this time around.
Vinci Carbone agents Joseph Carbone and Frank Vinci, together with Gorman Allard Shelton’s Peter Bremner, Tom Maule and Jonathon McCormack, are handling expressions of interest.