A high profile office-warehouse in one of Melbourne’s up-and-coming precincts, Fishermans Bend, is expected to attract discerning investors with its sought after location and strong tenant.
Colliers International’s Jeremy Gruzewski and Damien Stone have been appointed to sell a 3,275sqm, two-level building at 9 Westside Avenue in Port Melbourne.
Mr Gruzewski said the property represented a strong investment opportunity with a secure, respected tenant in Melbourne’s last and best inner city industrial area.
“With the high level of inner city redevelopment,The Fisherman’s Bend precinct of Port Melbourne is considered Melbourne’s best inner city High Tech Industrial area,” he said.
“Port Melbourne is currently undergoing a transformation, having had part of the Fisherman’s Bend precinct recently rezoned as part of the government’s Urban Renewal Project.
“The reduction in land zoned for commercial and industrial use is expected to help drive rental growth and land values for years to come.
“This property provides fantastic major arterial access in addition to being within close proximity to South Wharf, Southbank and the CBD. It also benefits from a long term lease to one of the largest business services companies in the world.”
There is a four year lease in place to the listed Rentokil-Initial until November 2018, with two further options of two years. Rentokil Initial – Australia falls under the parent company Rentokil Initial plc, which is one of the largest business services companies in the world with 79,000 employees in over 40 countries.
“Rentokil Initial has occupied the building since 2007 and has recently re-signed for a further term which confirms their commitment to the building and location,” Mr Stone said. “With a quality tenant like Rentokil Initial, a prospective purchaser has the option to purchase a stress-free investment.
“The building has a strong corporate image and impressive street appeal. It is well fitted and provides a good mix of meeting rooms, staff facilities and open plan work stations.”
The 3,658sqm site incorporates 44 car parks and a clear span warehouse with dual roller door access.
The property is located on the western side of Westside Avenue in a high profile location accessed via
Lorimer Street, approximately 3.5km south-west of the CBD.
“With interest rates at an all-time low there has never been a better opportunity to invest in commercial
Property,” Mr Gruzewski said. “9 Westside Avenue, Port Melbourne offers a superb tenant and outstanding location to attract discerning investors.”
The property is for sale by Expressions of Interest closing Wednesday July 8 at 2pm. It is expected to attract interest around $6 million.