Inner suburban offices continue to draw strong interest from investors and owner occupiers, particularly those close to high-performing hospitality and retail centres as more Melburnians look to live, work, and go out across the inner city.
James Lockwood and Chris Kombi of Fitzroys have sold a strata-titled office, in Melbourne’s blue-chip suburb of Toorak, for $870,000 on behalf of a private investor.
Located on level four of the Toorak Place mixed-use development, the immaculately presented property has a building area of 150sqm over two levels, with a light-filled open-plan office.
The property, H404, 521 Toorak Road, features a private balcony at the northern end, providing northern and city views, and two basement parking spaces.
Toorak Place is a dual-fronted, multi-level building with 13 retail outlets, a large fitness centre, multiple office suites, seven home offices, 54 apartments and three levels of basement car parking.
Lockwood said the campaign generated strong enquiry from investors and owner occupiers looking to secure a prestigious Toorak address, with an owner occupier securing the property, as the low interest rate environment has produced a spike in interest from owner occupiers looking to own their office rather than lease one.
Lockwood said the inner Melbourne office market has a consistently strong performer recently, and the purchaser’s offer of a seven-day settlement reflected the competitiveness of the campaign.
He said there is a growing appetite for similar style office space of this size within the area and throughout Stonnington. Fitzroys has also just sold a 170sqm office at Suite 10, 1 Milton Parade in Malvern for $1.061 million to a private investor, following a campaign that similarly generated interest from investors and owner occupiers alike.
“Businesses are hoping to capture a growing generation of workers who desire to live and work across the inner suburbs, and this property is positioned in the heart of the Toorak Village shopping precinct,” Lockwood said.
“Hospitality and lifestyle options are becoming more influential factors when it comes to making important decisions in choosing where to work and live.”
Kombi said Toorak Road, Toorak is widely recognised as one of Melbourne’s premier strip retail locations and enjoys a strong café and restaurant offering, home to many leading national and local retailers, and featuring a unique village atmosphere enhances by Tudor-style and heritage façades.
As well as drawing local workers, shoppers diners, Toorak Road’s attraction to Melburnians from the surrounding suburbs and beyond is further enhanced by its connectivity to Dandenong Road and City Link, as well as Heyington and Hawksburn railway stations, and multiple tram routes.