News

Rare Chance To Acquire Ideally-Placed Hawthorn Office Building

Posted on 09th November 2021

Investors have the rare chance to acquire a premium, high-profile Hawthorn office building that is ideally-placed to benefit from current working trends, and as the suburb emerges as an inner-Melbourne commercial and lifestyle hub.

Fitzroys’ David Bourke, Chris James and Shawn Luo are marketing 313-317 Burwood Road via Expressions of Interest closing Wednesday, 17 November at 3pm, on behalf of private owners.

The property comprises a 1,855sqm four-level building on a substantial 1,185sqm landholding with dual frontages to Burwood Road and Lynch Street, and a high ratio of on-site parking with 68 spaces over two levels.

It is home to BIG4 Holiday Parks, the Australian headquarters of fuel systems engineers Leighton O’Brien, Fuse Recruitment, and HID Accountants, with a strong 4.1-year WALE. Fully-leased income is $718,266 per annum.

Zoned Commercial 1, the property also offers future value-add and development opportunities.

The building is within Hawthorn’s fast-growing office market, surrounded by national and local corporations including Orora Group, Xero, AVJennings, FIMG and United Petroleum, and is just moments from the intersection of the vibrant Glenferrie Road retail and lifestyle strip and Swinburne University, as well as Glenferrie Station, multiple tram routes and major roads.

Bourke said the asset is ideally positioned to benefit from the current Melbourne office market environment.

“Hawthorn has emerged as a ‘one-to-watch’ among Melbourne’s commercial markets, situated in an inner-suburban sweet spot that is currently attracting tenants from central locations and further out in the suburbs,” Bourke said.

“Businesses and employees are favouring highly-accessible locations close to excellent hospitality and lifestyle amenity that offer an excellent work and lifestyle balance, allowing workers to easily access the workplace and collaborate with colleagues in-person during while flexible working arrangements are in vogue.”

Fitzroys recently negotiated the leases within the building to Leighton O’Brien and Fuse Recruitment, who had both sought to optimise their office locations to be close to Glenferrie Road, public transport connections, and also take advantage of the on-site parking.

“The sub-500sqm has been particularly active during the COVID period, as businesses with smaller space requirements have proven to be more agile and more willing to make commitments to leases,” James said.

“More businesses will be moving into this segment of the market amid ongoing reassessment of space requirements. Tenants have been demonstrably sought out this particular building in the current environment, delivering reliable long-term income streams and supporting the strong WALE profile, and providing confidence for the buyer of ongoing demand.”