UNIQUE SUBURBAN OFFICE/RETAIL INVESTMENT WITH UPSIDE
Dawkins Occhiuto is pleased to present for sale 1 East Ridge Drive, Chirnside Park. A well-presented three-level office and retail development constructed in 2009 upon a high-exposure Commercial 1 Zoned site.
The property provides a high quality working environment and on-site amenity rarely found in the suburban market, catering to local demand with quality office spaces and retail dining precinct.
The property occupies a high exposure corner position along Maroondah Highway opposite Chirnside Park Shopping Centre and surrounded by Reading Cinemas and convenience retail. It forms part of the Eastridge estate, an emerging mixed use precinct with significant future development planned, including the proposed repurposing of the former Kaufland site directly opposite into a large format retail centre with retail pad sites.
The property is 97% occupied with 2.1 year WALE (as at 1 July 2021). Retail occupants include Platinum Restaurant, The Precinct Bar, Zero95 Woodfire Pizza, and The Bosses Boots Café. Major office tenants include the Commonwealth Government (Tony Smith MP), The Field Group, Victorian Aboriginal Childcare Cooperative Agency (VACCA), La Trobe Community Heath Service (NDIS provider).
The property presents a unique opportunity to benefit from existing income while adding value either through active management or further development (STCA).
The property features:
- Total lettable area of 4,429 sqm*
- Large Commercial 1 zoned site of 1.42 Ha* (including common area lake)
- Corner position and over 170 metres frontage to Maroondah Highway
- Lakeside dining precinct featuring two restaurants, bar and café
- Office spaces catering to tenants of all sizes
- Large 220 space at-grade car park (5:100 sqm of NLA)
- 97% occupied with 2.1 year WALE
- Diverse tenancy profile with no single tenancy area above 17% of NLA
- Passing net income of approximately $1.25 million