The three-level office at 266 Raglan Street has been brought to market via an expressions-of-interest campaign closing April 15. The asset was completed in 2024 and is fully leased to Berry Street Victoria and International Working Group (IWG), generating approximately $2 million in annual net income.
Located in one of Melbourne’s rapidly evolving inner-northern precincts, the building offers about 3,155 sqm of office space and has been designed with a strong focus on sustainability and tenant amenities. It holds a 5.5-star NABERS Energy rating and includes a 99kW rooftop solar system, electric vehicle charging stations and hotel-style end-of-trip facilities with bike storage.
Peter Bremner and Jonathon McCormack from Gorman Commercial in conjunction with Oliver Hay, Daniel Wolman and Leon Ma from Cushman & Wakefield are marketing the property and said the combination of a new building, long lease profile and strong tenant covenants is likely to appeal to a wide pool of investors.
Peter Bremner of Gorman Commercial said “this is arguably the best quality office building in Melbourne’s northern suburbs and the elite office accommodation provided to the tenants is second to none. These two high calibre tenants signed on for long 7-year and 10-year terms as they recognised 266 Raglan Street, Preston has the best office space in the inner north of Melbourne.”
Oliver Hay of Cushman & Wakefield added “We expect that investors will be attracted to this property due to the attractive yield, the excellent depreciation benefits and the prime location which has seen several recent mixed use and residential developments constructed up to 18-storeys in this immediate precinct.”
266 Raglan Street, Preston is for sale via Expressions of Interest. For more information, please contact the conjunctional selling agents below:
Gorman Commercial
Peter Bremner – pbremner@gormancommercial.com.au | 0412 326 942
Jonathon McCormack – jmccormack@gormancommercial.com.au | 0418 835 885
Cushman & Wakefield
Oliver Hay – oliver.hay@cushwake.com | 0419 528 540
Daniel Wolman – daniel.wolman@cushwake.com | 0412 957 839
Leon Ma - leon.ma@cushwake.com | 0417 070 725
