The former headquarters of the Australian Education Union's Victorian branch has been sold for $21 million to the Zagame family.

The recently rezoned site at 112 Trenerry Crescent, Abbotsford comprises of 4,735 square metres of land and features a net lettable area of 4,252sqm.

Fitzroys agents Paul Burns and James Lockwood negotiated the sale of the land on behalf of the Australian Education Union (Victorian Branch) following an expressions of interest campaign.

At a glance:

• 112 Trennery Crescent, Abbotsford sold for $21 million to the Zagame family, reflecting a price of $4,435 per square metre.
• Fitzroys agents Paul Burns and James Lockwood negotiated the sale of the land on behalf of the Australian Education Union.
• Site comprises of 4,735 square metres of land and features a net lettable area of 4,252sqm.

Burns said 15 offers were received from a mix of local and offshore bidders, including a mix of developers and some partial owner occupiers. 

“Bidders had schemes for a mix of office and residential uses for the property, looking to take advantage of the property’s recent rezoning to mixed use,” he said. 

An existing four-level brick building fronting the Yarra River provides views of the CBD skyline, while also overlooking Dights falls and Victoria Park.

Mr Burns said the buildings location on the fringe of the city was a primary driver of buyer interest.

“Office vacancies across Melbourne’s city fringe have been tightening to historic lows and businesses are increasingly looking to Abbotsford as the next hotspot for commercial activity,” he said.

"Meanwhile, Melburnians are continuing to embrace medium and high-density living, fuelled further by ongoing population growth.” 

Mr Lockwood said the Abbotsford sale was another example of developers looking beyond the busy Cremorne and Richmond markets for their next projects. 

"Cadence Property Group has lodged plans for a major office development on Victoria Crescent, near the Carlton and United Brewery, and Salta Property Group is undertaking a mixed-use project with office, apartment and build-to-rent components next to its Victoria Gardens shopping centre," he said.

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