The Melbourne office of AFL Grand Finalists and meme sensation the GWS Giants has attracted enquiry from investors looking to secure the big, big sound from the west of the town as their own.
Samuel Friend and Stephen Land sold Suite 101/198 Harbour Esplanadein Docklands for $435,000, at a 6.2% yield, on behalf of a private owner.
Friend said the 77sqm office received more than 60 enquiries from investors. The office directly overlooks the harbour with views out toward the Bolte Bridge, and is just moments from AFL House and the adjacent AFL-owned Marvel Stadium.
Friend and Land had leased the property for the client last year to the premium grade tenant on a 3+3 year deal at $35,000 per annum with 4% fixed increases, as the Giants took up the opportunity to set up an office conveniently close to AFL House and enhance their communication capabilities with the league.
“Investors are increasingly favouring offices in Docklands and just beyond the core of Melbourne’s CBD,” Friend said.
“Vacancies across Docklands have been firming steadily for some time and are among the tightest of any of Melbourne’s central precincts, as tenants look beyond the tight CBD market while the precinct’s supply pipeline has mostly dried up.”
Land said major developments are adding to the vibrancy of the Docklands area, spurring growth in the area’s food and beverage and lifestyle offering that is attracting businesses and enhancing rental growth prospects for the foreseeable future.
This has been underpinned by the introduction of Lendlease’s $2.5 billion, seven tower Melbourne Quarter mixed-use development, Walker Corporation’s Collins Square, Mirvac’s 664 Collins Street, the new ANZ building at 839 Collins Street, each of which has seen strong leasing activity.