Fraser Brown lists swank new office
Former Carlton footballer Fraser Brown, now the second generation leader of family business, Brown Property Group, has listed for sale a swank new office in Melbourne’s east Hawthorn.
About $30 million, sources say, is expected for the four level building, 2-4 Roche Street.
With 2947 square metres of lettable area and 91 car parks, the fully let annual net income is $1.915m, CBRE’s Nick Peden and Jamus Campbell, said.
Just over half is vacant, opening the asset to owner occupiers, they added.
BPG is also offering a 12 month rental guarantee over the empty component, allowing any incoming owner to complete filling it.
BPG reweighs
Established by Mr Brown’s father, Colin, BPG marketed its first housing estate, in Ivanhoe, 70 years ago next year.
It bought the Hawthorn block, spreading 1209 sqm zoned Commercial 1, in 2017.
The leasing campaign was launched last August.
The asset contains 54 bike bays too and end-of-trip facilities – in this case, with added grooming and ironing stations.
Some levels are also designed with terraces.
There are two tenants – one BPG, which occupies the building for its headquarters – both on 10 year initial leases. The other, COG Finance, rents the first floor (887 sqm) and 28 car parks.
Any incoming owner will also be able to claim significant depreciation benefits for tax, the agents said.
Also today we are reporting BPG was paying $250m for a low density housing estate site in Melbourne’s south east.
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