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Australian Road Research Board checks out of Melbourne's east & unlocks infill development opportunity

Property Markets / Planning, Zoning, Infrastructure

Australia

Mar 05 2017

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Melbourne, 06 March 2017 – The Melbourne headquarters of the Australian Road Research Board (ARRB) has been offered to the market – unlocking a development opportunity expected to generate interest circa $18 million. 

Located at 490-500 Burwood Highway, Vermont South, the 2.583 hectare infill development site comprises 11 existing buildings and more than 130 metres’ main road frontage. 

CBRE has been appointed to manage the Expressions of Interest process, with the sale representing the first time the property has been offered to the market in more than 50 years. 

The sale follows ARRB’s decision to relocate its headquarters into a contemporary next-generation space in a more central location. 

ARRB CEO Michael Caltabiano commented: “Staff are excited about the new vision. They live to achieve great things, and the new direction will allow them to really exercise their intellect; to fulfill their ambitions.” 

CBRE’s Mark Wizel said the property marked one of the only infill development sites of such significance to be listed for sale in Melbourne’s eastern corridor. 

“This opportunity signals a growing trend in suburban Melbourne, where long standing local businesses are vacating sites that subsequently present highly attractive development opportunities,” Mr Wizel said. 

“This is evident in several recent transactions, including the headquarters of fashion retailer Roger David in South Yarra, ASX listed Computershare known as Yarra Falls in Abbotsford and seafood giants Oceanic Seafood Headquarters at 615 Warrigal Road, Ashwood.” 

Mr Wizel went on to say the sale represented a unique opportunity to undertake a landmark project.  

“This property caters to a strong mixed use outcome in an established and highly accessible area, surrounded by vast retail amenity, employment drivers, public transport and road networks, educational institutions, parks and recreation and other community infrastructure,” he said. 

Fellow CBRE agent Chao Zhang said the Vermont South residential market was tightly held, with low turnover of property and new development. 

“This property presents an opportunity to provide much needed accommodation to an area experiencing a shortfall of new supply,” Mr Zhang said. 

Located in the heart of Melbourne’s eastern corridor, Vermont South recently recorded a median house price of $1.143 million – reflecting an 84% increase in value over the past five years. 

The site is surrounded by several significant shopping centres, including Centro The Glen, Forrest Hill Chase, Burwood One Shopping Centre, Westfield Knox, Eastland Shopping Centre, Box Hill Central, and Westfield Doncaster. 

The site is being offered for sale by International Expressions of Interest closing April.  

 

About CBRE Group, Inc.

CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2016 revenue).  The company has more than 75,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 450 offices (excluding affiliates) worldwide.  CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services.  Please visit www.cbre.com.

SOURCE: Press Release

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