A syndicate of astute investors is set to announce the listing of a contemporary office building nestled in the vibrant heart of Melbourne’s university and biomedical precinct. With availability of commercial space in this strategic precinct low, this flagship corner office building presents an exceptional opportunity for a range of businesses and discerning investors.
With price expectations around $8m, this striking four-level office complex at 182 Capel Street, North Melbourne, originally developed in 1985 for Qantas, stands as a testament to architectural excellence. Spanning an impressive 1,865 square metres *, the building affords breathtaking city views and features versatile floorplates extending over 400 square metres.
For sale through Alexander Leggo, Anthony Kirwan, Daniel Wolman and Eva Ni, of Cushman & Wakefield, the property is currently partially leased generating a total gross income of $190,506 + GST p.a. and was previously occupied by Melbourne Health. The ground floor hosts the Australian National College, with a lease extending until July 2026 and an additional option for a five-year renewal. Meanwhile, Levels 1 and 2 offer vacant possession, presenting an ideal canvas for corporate headquarters.
According to Alexander Leggo: “Given its 9B education permit and proximity to the hospitals and universities, the property presents a strategic acquisition; immediately benefiting educational institutions, and medical facilities and small-medium businesses, with future potential to add-value through additional levels up to 24 metres*”
According to data from the Victorian Government, North Melbourne is rapidly becoming a focal point for business, education, and research with Australia's best facilities on the doorstep and the Melbourne CBD just moments away.
This property overlooks the new ‘Bedford Street Pocket Park’, a government investment adding 1,500square metres* of improved green space to service the local community. With its stunning outlooks, flexible floorplates and Mixed-Use zoning (MUZ) we expect the opportunity will also appeal to investors seeking a strong future value-add/ repositioning play that could involve residential, retail, hospitality/F&B, gallery and more (STCA).” Anthony Kirwan
The property stands to benefit from substantial investment in Australia's renowned Biomedical Precinct. By 2036 the precinct will have created up to 10,000 additional jobs and $14 billion in private funding. Its location, just 450 metres* from the CBD and versatile design make it a compelling proposition for businesses and investors seeking to capitalise on Melbourne’s thriving commercial real estate market.
The vicinity boasts a variety of lifestyle amenities such as popular cafes, shops and restaurants along the Errol and Queensberry Street Retail Strips, as well as being a short walk to Queen Victoria Market and Flagstaff Gardens.
182 Capel Street. North Melbourne is for sale by Expressions of Interest closing Friday 12th April 2024 at 12pm ADST.
This listing is hot off the heels of the recent sale of 120 Miller Street, West Melbourne, bought by an education group for $6.25 million.
