Investors and owner occupiers have pursued a rare opportunity to acquire an office suite in one of the best-connected locations in highly sought-after Malvern.
Fitzroys agents Jordan Ceppi and David Bourke sold Suite 10, 1 Milton Parade for $1.061 million. The buyer is a private investor who will lease out the property.
The versatile 170sqm suite comprises partitioned offices, an open-plan workstation area and staff amenities, and includes seven basement parking spaces.
Ceppi said the campaign for the vacant office suite generate more than 60 enquiries from investors and owner occupiers, leading to a strong sales result that reflected a building rate of $6,250 per sqm.
“Melbourne’s inner-suburban office market has been a consistently strong performer, as businesses look to capture a growing generation of workers who desire to live and work across the inner suburbs,” Ceppi said.
“There is a growing appetite for similar style office space of this size within the area and throughout Stonnington. We saw a notable depth of enquiry throughout the campaign, as investors and owner occupiers sought to capitalise on a rare opportunity to acquire a premium office boasting excellent connectivity.”
The building is adjacent to the Citylink freeway interchange at Toorak Road, offering access to Melbourne's CBD, and the south-eastern suburbs and beyond to the Gippsland region, and is conveniently positioned close to both Tooronga and Kooyong train stations.
“Connectivity continues to be a drawcard for offices, and the property’s excellent location will be further enhanced by the State Government’s planned skyrail project that will be built between Tooronga and Kooyong stations.”
Bourke said the suite is within a prominently located in Malvern, regarded as one of Melbourne’s most sought-after commercial locations.
“As well as its excellent accessibility, the desirability and tightly-held nature of the location is reflected in its high-profile tenancy roll-call, which includes Bunnings and Coles, and its close proximity to Tooronga Village Shopping Centre, parkland and bike paths.”