The Urban Developer
AdvertiseEventsWebinarsUrbanity
Industry Excellence
Urban Leader
Sign In
Membership
Latest
Menu
Location
Sector
Category
Content
Type
Newsletters
Urban Leader Awards Logos RGB White
NOMINATIONS CLOSE SEPTEMBER 12 RECOGNISING THE INDIVIDUALS BEHIND THE PROJECTS
NOMINATIONS CLOSING SEPTEMBER 12 URBAN LEADER AWARDS
LEARN MOREDETAILS
TheUrbanDeveloper
Follow
About
About Us
Membership
Awards
Events
Webinars
Listings
Resources
Terms & Conditions
Commenting Policy
Privacy Policy
Republishing Guidelines
Editorial Charter
Complaints Handling Policy
Contact
General Enquiries
Advertise
Contribution Enquiry
Project Submission
Membership Enquiry
Newsletter
Stay up to date and with the latest news, projects, deals and features.
Subscribe
ADVERTISEMENT
SHARE
print
Print
RetailStaff WriterTue 03 Oct 17

Office Building at University Hill Development to Fetch $25 Million

30-Janefield-Drive_620x380

An office building in the masterplanned University Hill development is on the market with expectations it will sell for circa $25 million. 

Adjacent to the Metropolitan Ring Road on Melbourne’s northern perimeter, the building is currently leased to RMIT and the Royal District Nursing Service (RDNS).

According to Dawkins Occhiuto marketing agents Andrew Dawkins, Chris Jones and Walter Occhiuto, and Knight Frank's Tim Grant and Tom Ryan, the property comes to market at a time when suburban office market investment activity has reached an all-time high.

"Demand from domestic unlisted funds and syndicates, along with an increasing level of interest from off-shore buyers, has, for a third consecutive year, put suburban office market investment in Melbourne into record territory," Dawkins said.

"The market is hot and for good reason. Melbourne has just recorded its highest annual net absorption level since 2010 with total suburban office vacancy at an historically tight seven per cent.

"In that environment office assets, and particularly those with blue-chip tenancy profiles in the best locations, are flavour of the month."Located at 30 Janefield Drive, on the corner of Princeton Terrace, the property comprises a modern, virtually new office building of 3,960 square metres NLA over four levels, including ground floor retail, on a 5,748 square metre site with 131 car spaces.

The property comes with a blue-chip tenancy profile including RMIT University and the Royal District Nursing Service (RDNS) accounting for 81 per cent of the income, and five separate retail tenancies, at a current net passing income of $1.59 million per annum with a weighted average lease expiry of nine years.

University Hill benefits from its location at the foot of one of Melbourne’s most rapidly growing municipalities – the City of Whittlesea - which has a current estimated population of 209,118 that is forecast to grow to 379,342 by 2041.

The $1 billion, 104 hectare park is expected to accommodate 3,000 residents and 4,000 jobs together with the 155 businesses within the 30,000 square metre commercial precinct.

RetailOfficeAustraliaFinanceReal EstateSector
AUTHOR
Staff Writer
"TheUrbanDeveloper.com is committed to delivering the latest news, reviews, opinions and insights into the best of urban development from Australia and around the world. "
More articles by this author
ADVERTISEMENT
TOP STORIES
Stockland bumps up its apartment pipeline in melbourne and sydney
Exclusive

Stockland Re-Enters Density in $5bn Apartment Play

Renee McKeown
4 Min
Woolloongabba Precinct Vulture St
Exclusive

Brisbane Developer in Cross River Rail Compensation Tussle

Clare Burnett
4 Min
The Mondrian Gold Coast hotel's food and beverage is driving profits
Exclusive

Touch, Taste, Theatre: What’s Driving Mondrian’s Success

Renee McKeown
6 Min
Fortis’ display suites are designed as brand environments first, with tactile details and curated design to build buyer confidence before project specifics.
Exclusive

Relevant or Redundant: Will Tech Kill Display Suites?

Vanessa Croll
7 Min
Exclusive

Missing Heart: Why The Gold Coast Needs a CBD

Phil Bartsch
7 Min
View All >
Aerial view of Caboolture and Bruce highway to Brisbane with Bribie Island Road crossing, Queensland, Australia
Policy

Queensland’s $2bn Push Opens New Housing Front

Vanessa Croll
JQZ Parramatta EDM
Residential

JQZ Plots 10-Storey Addition to Parramatta ‘Auto Alley’ Plans

Clare Burnett
The Adelaide purpose built student accommodation market is about to increase by 1058 beds with the State Commission Assessment Panel supporting two towers in the making.
Student Housing

Highrise Approvals Add 1000-Plus PBSA Beds in Adelaide

Renee McKeown
The two towers, of 35 and 34 storeys, help cement the SA capital’s growing status as the best place in Australia for the…
LATEST
Aerial view of Caboolture and Bruce highway to Brisbane with Bribie Island Road crossing, Queensland, Australia
Policy

Queensland’s $2bn Push Opens New Housing Front

Vanessa Croll
2 Min
JQZ Parramatta EDM
Residential

JQZ Plots 10-Storey Addition to Parramatta ‘Auto Alley’ Plans

Clare Burnett
3 Min
The Adelaide purpose built student accommodation market is about to increase by 1058 beds with the State Commission Assessment Panel supporting two towers in the making.
Student Housing

Highrise Approvals Add 1000-Plus PBSA Beds in Adelaide

Renee McKeown
3 Min
Stockland bumps up its apartment pipeline in melbourne and sydney
Exclusive

Stockland Re-Enters Density in $5bn Apartment Play

Renee McKeown
4 Min
View All >
ADVERTISEMENT
Article originally posted at: https://www.theurbandeveloper.com/articles/university-hill-office-hits-market-goals-reaching-25-million