The Victorian AIDS Council (VAC) has appointed CBRE to sell their South Yarra premises - unlocking a rare development opportunity in one of Melbourne’s most sought after apartment locations.
Located at 8 Claremont Street, at the elevated Toorak Road end of Forrest Hill, the property is a highly valuable rectangular development site of approximately 1,030sqm. The site benefits from an idyllic location within the highly regarded Forrest Hill precinct, supported by a mix of quality retail, excellent public transportation amenities, spacious parklands, and proximity to the CBD.
The site features substantial existing office improvements and will continue to be occupied by VAC in the short term, providing a stable income.
The South Yarra property is being brought to the market for the first time in two decades as VAC has recognised the need to relocate to a larger premises to continue expanding their work in the community.
Mark Wizel, Josh Rutman, Julian White and Scott Orchard of CBRE are negotiating the sale on behalf of VAC via an International Expressions of Interest campaign. The site is expected to receive in excess of $13,000,000.
Mr Rutman said due to the quality of the offering and scarcity of development opportunities of this nature in the region, the sale would attract strong interest from both local and offshore developers who have been waiting to acquire a holding of such locational prominence.
“South Yarra is quickly becoming one of Melbourne’s most successful development precincts, with an abundance of successful projects delivered over the past 10 years by developers such as Fridcorp, Michael Yates, Little Property and LYZ. Apartment developments in the area have been sold at strong sales rates to a mixture of owner occupiers and investors, both local and offshore. This has been complemented by an up and coming retail precinct, offering a hip and trendy inner city lifestyle.”
Greg Carter, VAC President said sale of the property, which has provided a range of services including HIV prevention, education, treatment and care for PLHIV as well as counselling services to community members, would result in a better outcome for the whole community.
“The board recognised the property’s potential and realise that the highest and best use is more suited to development given the trend of residential and hotel development in recent years. We are committed to ensuring the proceeds from the sale go toward our organisation’s goal of servicing our members and providing continued support to the community.”
VAC is being advised by highly regarded real estate advisory and transaction management firm, Urbis. Director of Urbis, Nicholas Moore, said, “based on what we are witnessing in the development site sector at present, we fully support the board’s position and expect strong demand from a broad range of local and offshore development buyers”.
This marketing campaign will be the second in as many months for CBRE, following the sale of 37 & 39-41Claremont Street, South Yarra for in excess of $14,000,000.