Central Dandenong office fetches $14m with leaseback
IBISWorld Australia chairman and chief executive officer, Justin Ruthven, is paying $14 million for a central Dandenong office with long-term development upside.
At 40-42 Scott Street, at the north west corner of Robinson, the double storey building was offloaded with a nine year lease by executives associated with the occupier, Macpherson Kelly Law, who paid $4m in 2004.
JLL’s Josh Rutman, Tim Carr and MingXuan Li said the campaign ran during the last lockdown, when no inspections could take place.
The sale comes nine months since the Dandenong Family Court at nearby 53-55 Robinsons St traded for $12m.
In 2020, Capital Alliance won a $600m state government contract to deliver buildings as part of the $1 billion-plus Revitalising Central Dandenong urban renewal initiative, which has been taking shape for over a decade around 40-42 Scott St (story continues below).
40-42 Scott Street
The Scott St office contains 2605 square metres of area over a basement car park. The 2166 sqm plot, zoned Comprehensive Development 2, could accommodate a bigger building with residential, hotel or education product.
Revitalising Central Dandenong has delivered major commercial, high density housing and community investments within the area connecting the suburb’s train station to Dandenong Plaza, about a kilometre away. More than 60,000 people work in the pocket now, JLL said.
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