Complete Package Offers COVID-Proof Investment

Posted on 12th March 2021

A mixed-use Richmond building brought to the market presents a uniquely Melbourne COVID-proof investment, offering three inner-city home offices close to one of the most popular and accessible retail and lifestyle strips.

Fitzroys’ David Bourke, Lewis Waddell and Shawn Luo are marketing 420-422 Church Street Richmond on behalf of a private investor. The property spans four titles and is to be offered in one line.

Primely positioned in a coveted Richmond Hill location, just metres from Swan Street and in the heart of the Cremorne and Richmond activity zone, the fully-leased property comprises three separate three-level spacious home offices plus a ground floor commercial showroom.

The modern building offers prized city views, and each home office features external balconies, quality finishes and appliances. There is secure basement parking with direct access off Dickmann Street.

The property is fully leased to four tenants on varying lease profiles returning $216,358 per annum.

Waddell secured multiple leases early in the first nationwide COVID-19 lockdown last year, highlighting the asset’s investment credentials and COVID-conducive nature.

“The property’s home/office nature, lifestyle attributes and position close to one of the city’s most popular and accessible hospitality and retail strips encapsulate so much about what makes a quality Melbourne investment in the current climate,” Waddell said.

“This property is uniquely placed to benefit from shifts in working habits that have embraced working-from-home arrangements and more flexible office hours. There has been a growing preference for inner-Melbourne offices, while accessibility and hospitality and lifestyle attributes are an increasingly high priority for businesses and workers.

“Swan Street’s hospitality offering features high-quality coffee, eatery and takeaway options for local residents and workers.

“Longer-term, the strip is well-placed to benefit from its proximity to the MCG and Yarra Park, and the broader Melbourne Sports and Entertainment Precinct, which bring crowds before and after major events that add to the atmosphere generated by Swan Street’s hospitality and nightlife offering.”

The 420-422 Church Street property and Swan Street are exceptionally serviced by public transport linkages, including busy Richmond station, East Richmond station, and multiple tram routes that operate through both Church and Swan Streets.

While the Richmond and Cremorne office market has typically been dominated by high-profile tech and creative companies such as Seek, Tesla, Disney, MYOB, Domain and Carsales, smaller businesses have also rushed to take up boutique and individual offices in the area.

Waddell said the architecture firm that recently committed to 420-422 Church Street was renting an apartment and an office in Melbourne and is now able to do both at the property due to the home/office layout.

“This deal foreshadowed the more widespread shift to flexible working arrangements. More workers are reconsidering their home layouts to accommodate more considered, separate office spaces.

“This property is positioned to benefit from what is widely expected to be a permanent shift in our working habits.”

The property is being offered via an Expression of Interest campaign closing 24 March.