The heritage property at 76 – 78 Jolimont Street, East Melbourne, comprises a three-level freestanding office building with nine car parking spaces in the prestigious inner-city suburb of East Melbourne.

Currently occupied by B2B Lawyers, the property is being offered with a flexible leaseback returning approximately $198,568 per annum.

The property will be sold at public auction on October 31.

CBRE Melbourne’s City Sales team of Julian White, Josh Rutman, Nathan Mufale and Chao Zhang have been appointed to manage the sale on behalf of B2B Lawyers.

At a glance:

• Heritage office building at 76 - 78 Jolimont Street to be sold by CBRE
• The building is being offered with a flexible leaseback returning approximately $198,568 per annum
• The sale represents only the second East Melbourne freehold office building to hit the market this year

The property offers buyers future development or conversion potential providing for elite residential, hotel, medical or commercial uses (STPA).

Located on the northern side of Jolimont Street directly opposite Brunton Park, the property benefits from close proximity to Jolimont Train Station, Wellington Parade tram and bus networks and is walking distance to the Melbourne CBD.

Mr White said East Melbourne was considered one of Melbourne’s most premium suburbs with new residential developments achieving average sale rates in excess of $20,000 square metre.

“This is Australia’s hottest office market with the lowest vacancy rate in the country at 1.9 per cent,” White said. 

“Rising demand from education and co-working occupiers has also brought new participants into the market, contributing to one of Melbourne’s tightest vacancy rates in close to a decade at 3.3 per cent.” 

Mr Mufale said that the Jolimont Street property was only the second East Melbourne freehold office building to hit the market this year.

“It will be perfectly suited to investors looking to secure real estate in one of the most tightly held commercial pockets of Melbourne,” he said.

76-78 Jolimont Street will be sold via public on-site auction on Thursday 31st October 2019.

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