The AISV can expect to make about $4.5 million from the sale of its outgoing 1,470 square metre office building, on a 735 square metre block in South Yarra’s Garden Street.
The site is opposite the Jam Factory entertainment complex, earmarked for a $700 million redevelopment.
Gross Waddell agents Andrew Waddell and Andrew Greenway expect 20 Garden Street to arouse interest from developers, keen to exploit the site’s position with more than 50 metre street frontage. It’s expected, given high-rise apartment proposals at Jam Factory, that a new Garden Street building could stand considerably higher than the current building’s existing two levels.
The AISV recently paid about $5.75 million for an art-deco 3-level, 1839 square metre office at 24 – 40 Rosslyn Street in West Melbourne, between King Street and the Queen Victoria Market. This building was previously occupied as offices by clothing retailer Sussans.