CBRE’s team of David Minty, Nathan Mufale, Sandro Peluso, Scott Hawthorne and JJ Heng managed the sale of the 345-347A Riversdale Road properties, which translated to a building rate in excess of $8,600/sqm.

The buildings occupy a combined 878sqm corner landholding across three titles near Camberwell Junction, and were sold with vacant possession.

“Following a campaign that attracted more than 125 enquiries, eight bidders submitted offers for the property, which was eventually sold unconditionally to a domestic buyer,” Mr Minty said.

“The result demonstrates the demand for well-located properties, especially considering the property’s prime suitability for an owner-occupier.”

The sale follows similar transactions in Hawthorn East, including Forza Property Group’s transaction of the office building at 90 Camberwell Road for a profit less than 12 months after buying the then-vacant asset.

The vacant retail building at 169 Camberwell Road also sold for $3,500,000 last month.

Mr Hawthorne said the Riversdale Road transaction highlighted an emerging trend of investors snapping up offices with high levels of vacancy.

“We’ve seen a number of notable transactions of offices with high vacancy rates in recent weeks,” Mr Hawthorne said.

“Some passive owners are looking to offload properties that are not currently providing an incoming stream, while investors are taking a long-term view of the leasing market and tenant demand on the other side of the COVID-19 health crisis.”

Other listings from this agent:

The childcare centre at 138 Hoffman’s Road, Essendon is For Sale via Tender closing on Thursday, October 29.Click here to view the listing.

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