Archdiocese to sell East Melbourne Office Property

A prominent East Melbourne holding is being brought to market 

The property at 228 Victoria Parade is being offered for sale through Cushman & Wakefield Directors Oliver Hay, Daniel Wolman and Leon Ma alongside transaction advisers Charter Keck Cramer’s Jessica Crossland and Conor Sargent, on behalf of the Archdiocese.  

Offering the property for sale is the Catholic Archdiocese of Melbourne, stating “The Catholic Archdiocese of Melbourne is offering this property for sale as it no longer serves a purpose aligned with the current mission priorities of the Archdiocese.  

Proceeds from the sale will be directed towards advancing key Archdiocesan initiatives.” The property has been occupied by Melbourne Archdiocese Catholic Schools (MACS) as its Head Office and they will be relocating to another office building within close proximity to the St Patrick’s Cathedral Precinct”.  

Market interest in East Melbourne assets has remained resilient, underpinned by the suburb’s proximity to the CBD, established institutional presence and tightly held supply of character buildings with repositioning potential. 

Oliver Hay of Cushman & Wakefield said the offering was expected to appeal to a broad buyer pool seeking exposure to one of Melbourne’s most tightly held CBD fringe locations. 
“East Melbourne presents one of the country’s most tightly held and constrained property markets due to the very limited development land and strong heritage controls resulting in any future supply growth being structurally constrained. Very seldom does the opportunity to purchase a building of over 5,000 sqm within the epicentre of Melbourne’s, hospital, university and Fitzroy Garden’s precinct present itself."
Jessica Crossland of Charter Keck Cramer said the property’s positioning within a highly regarded institutional and medical precinct further underpinned its appeal. 
“East Melbourne remains one of the most sought-after city-fringe markets, supported by its connectivity, amenity and proximity to key health and education institutions. 

“Opportunities to acquire assets with both immediate utility and longer-term flexibility are increasingly scarce in this market. We expect interest from, owner-occupiers, value-add investors and adaptive re-use developers”