A landmark office building overlooking the Glenferrie Road retail and Malvern train station precinct is being sold by Expressions of Interest.

CBRE’s Capital Markets Office team of Scott Orchard and Tom Ryan are handling the sale of the recently completed 1-3 Como Street property under instructions from Receivers and Managers, FTI Consulting.

Offering a net area of approx. 3,537sqm plus 38 basement car parks, the seven-level building was completed last year and provides passing income from tenants that have since committed to the building. It also benefits from a rooftop terrace, end-of-trip facilities and other modern building features.

Mr Orchard, who is also State Director of CBRE Insolvency Services, said the property was ideally suited to its popular sub-market, which had been starved of new office supply.

“1-3 Como Street is a stunning building, with its glazed podium giving it a landmark presence in a highly amenitised and well-connected precinct with all forms of public transport on its doorstep,” Mr Orchard said.

The flexible floors offer whole or split tenancy sizes aligned with most tenant demand, and the modern accommodation and 360-degree panoramic views position the building strongly in this flight-to-quality market.”

Mr Ryan noted that the building also offered significant depreciation and other financial benefits.

“A brand-new building typically provides for a reduced capital expenditure forecast and operating efficacy compared to older buildings, helping reduce outgoings and enhance an asset’s appeal in a competitive leasing market,” Mr Ryan said.

“From an investment perspective, many people are quick to highlight the replacement cost of an asset, however in most cases they are not comparing like-for-like. But with 1-3 Como Street it is an important consideration given this a brand-new development, with all the hard work done and delivery uncertainty removed.”

Despite recent media coverage about insolvencies across Australia, Mr Orchard noted that there had been a low number of distressed property listings.

“There have been market expectations of an increase in the number of distressed commercial property listings or receiver sales. However, the weekly average of publicly advertised listings nationally is lower this year to date compared to last year, demonstrating ongoing market resilience and confidence in the face of challenging conditions,” Mr Orchard said.

The Expressions of Interest for 1-3 Como Street, Malvern closes on Thursday 20th June at 5pm (AEST).