Andrew Schwartz sells swank Melbourne office
Andrew Schwartz has sold an inner-city Melbourne warehouse converted office bought from a mortgagee mid-construction just before COVID.
The co-founder and managing director of ASX-listed Qualitas banked $8.6 million for the Fitzroy investment, 35 Rose Street, opposite Garry Owen Park.
The buyer, following a private sales campaign, is a Sydney-based investor.
Stonebridge Property Group’s Dylan Kilner, Max Warren and Chao Zhang were the agents.
35 Rose Street
The Rose St site spreads 345 square metres at the north west corner of Mechanics Lane two blocks east of the Brunswick St retail strip.
Mr Schwartz paid $3.04m in May, 2019; at the time the building had been extended to five levels and was being fit out for a two storey penthouse, two bedroom apartment, offices and ground floor retail.
The executive repurposed the proposal to create 1011 sqm of high-end office space with an activated rooftop (continues below).
It was offered fully-leased; the net annual passing annual income is $520,401 (the gross return is $673,872).
Two government backed groups are amongst the occupiers – Clarity Healthcare Group and Switchboard Victoria.
Concord Music Group also leases an office space.
Toby’s Estate Coffee has the ground floor retail tenancy.
The weighted average lease expiry by income is 4.6 years.
This pocket of Fitzroy is less than two kilometres north east of town.
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