Diabetes Victoria sells HQ

Interests associated with Chemist Warehouse purchased 335-341 Bridge Road, Richmond, last year.

Interests associated with Chemist Warehouse are believed to be paying c$13.91 million for Diabetes Victoria’s long-time headquarters, in Melbourne’s biomedical precinct.

The double storey office on 711 square metres at 570 Elizabeth Street, with rear access to Berkeley, was marketed for its development upside.

The Elizabeth Street property (marked) sold for c$14 million.

The vendor offered it with a short term leaseback; it is now seeking somewhere to rent.

The sale comes 11 months since Chemist Warehouse executives outlaid $8.3m for a two storey ex-bank beside Richmond Town Hall, on Bridge Rd, for the retailer to occupy.

In mid-2020, during the nation’s first lockdown, business interests also picked up Fitzroy’s Kindness House for $12m.

Chemist Warehouse relocated its headquarters last year too, from Reservoir to an Albert St office at the Preston/Thornbury border (story continues below).

City move planned

Colliers’ Oliver Hay, Matt Stagg, Daniel Wolman and Leon Ma represented Diabetes Victoria. Charter Keck Cramer’s Tom Byrnes and Lachlan Devine were the transaction advisers.

“Our organisation has been working from our offices in Elizabeth St to reduce the impact of diabetes in the Victorian community for many years,” Diabetes Victoria chief executive officer, Glen Noonan, said.

“Importantly, Diabetes Victoria’s work will continue to support, empower and campaign for Victorians who are affected by, or at risk of, diabetes from a new city location,” he added.

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Marc Pallisco

A former property analyst and print journalist, Marc is the publisher of realestatesource.com.au.