East Melbourne office block with MCG views a 'big win' for investors

“Having the proximity to the MCG is, is a big, big win,” says listing agent Dylan Kilner of Stonebridge Property Group.

“You can see the upper stands; you’re looking down into it because you’re on the high side of the hill.

“You can see the ‘G from every level, and from the rooftop as well … and you can hear the stadium from there.”

Boasting natural light from both the front and rear with Yarra Park over the road, the property is suitable as a corporate or medical hub, or even a future development opportunity (STCA).

It also happens to call Richmond Football Club its next-door neighbour, as the footy club leased a space in the Royal Australian College of General Practitioners building at 100 Wellington Parade earlier this year.

“I’ve seen a lot of Richmond people coming and going,” Kilner says.

The property is ideally positioned beside Fitzroy Gardens, just over a kilometre from the CBD, with the MCG only 500 metres away and AAMI Park an easy 900-metre stroll.

“It’s probably the best part of East Melbourne for commercial office space,” Kilner says.

The commercially zoned opportunity features 1395 square metres of recently refurbished open-plan space with a lift, and kitchen amenities on every level. The floor plates are ideally sized for businesses with 20-30 staff, and there is on-site parking for 17 cars.

Owner-occupiers could take the top two floors and lease the balance of the building, thanks to some internal connectivity between floors that lends itself to business efficiency.

The 512-square-metre land parcel also offers great future potential – whether for luxury apartments, a conversion project, or even adding another lightweight level (STCA).

“There’s plenty of natural light,” Kilner says. “The rear gets the northern light, and then the front gets the southern light, but it gets the views. So that’s been a good drawcard.” 

Buyers will have to move fast, with the property’s expressions-of-interest campaign run by Stonebridge agents closing before the end of the week.

Kilner says he’s seen interest from owner-occupiers in particular, including doctors looking for a medical headquarters given its proximity to St Vincent’s Private Hospital, 470 metres down the road, and Epworth Hospital just 600 metres away. 

Commuting to work in East Melbourne is a breeze, as it’s just 200 metres from Jolimont Station and there are tram stops on the building’s doorstep.

The previous tenant, PSC Insurance Brokers, was recently acquired by a European company and has moved to the CBD, creating a rare opportunity for investors.

“Benefiting from uninterrupted Yarra Park and MCG views, the property is a great option for a new commercial headquarters, medical use, as an investment or for luxury apartment development,” says Julian White, national partner at Stonebridge Property Group.

The Melbourne Sports and Entertainment Precinct is the name given to a series of stadiums and venues across Olympic Park, Melbourne Park and Yarra Park on Melbourne’s inner fringe.

Some of the precinct’s drawcard venues include: Rod Laver Arena and John Cain Arena in Melbourne Park; AAMI Park, Gosch’s Paddock and Olympic Park Oval in Olympic Park; and the MCG and Punt Road Oval at Yarra Park.

It’s home to some of the nation’s biggest sporting events, including the AFL grand final, the Australian Open tennis and the Boxing Day Test.

Last month, Stonebridge sold a similarly priced property – a double-storey Victorian on a corner overlooking Fitzroy Gardens at 384-388 Albert Street, East Melbourne, to the Grollo Group, Kilner says. 

The property, previously owned by the Catholic Archdiocese, was snapped up for $10.54 million by property titan and snow enthusiast Rino Grollo for his ski resorts business, it was reported.

The property is for sale via an expressions-of-interest campaign closing at 2pm on Thursday, October 23.