Eight months after MS Limited paid $9.5 million for a new office opposite Box Hill Hospital, in Melbourne’s east, the not-for-profit group is selling its prominent Nerve Centre in Blackburn (pictured top and left).
The unusual property – an office building at 48-58 Railway Road and an open-air car park, divided by a laneway behind it – is expected to sell for between $8 million and $9 million, according to industry sources.
Covering 3432 square metres of Commercial 1 zoned land walking distance to the suburb’s train station, the holding is expected to arouse interest from medium-density apartment developers, office investors and perhaps even owner-occupiers.
Given the clear value-add opportunity – property flippers could also consider the site, on-selling it once any redevelopment permit is obtained.
The offering is not far from an 8767 sqm plot at 160 Whitehorse Road, Blackburn, which Melbourne builder Pace acquired for $23.85 million last year as a permit-ready mixed-use project containing 263 flats across four buildings of between six and 10 levels.
Blackburn Blossom, the vendor of Blackburn Place, which will replace a former Lexus dealership, originally sought to build 400 flats on the site in buildings up to 14 storeys tall. It paid $19.8 million for the parcel in early 2015.
Allard & Shelton’s Michael Ryan, Joseph Walton, James Gregson and Patrick Barnes are marketing 48-58 Railway Road, Blackburn, for MS Limited.
Within a pocket classified Neighbourhood Activity Centre, the asset includes a vacant double-storey office containing 2470 sqm of lettable area and underground parking. Between the office, and the rear car park site, 91 vehicles can be accommodated.
MS Limited announced its intention to relocate operations at the Blackburn Nerve Centre, to its new Box Hill headquarters, last June.
The freestanding office it is relocating to – 120 Thames Street – was developed by former Colliers International executive, turned developer, Tim Bolton.
Marketed by CBRE to medical users as a potential commercial headquarters, it contains 1690 sqm of Premium-grade office area, 53 basement car parks and a permit allowing for 20 practitioners.
It occupies a 903 sqm block zoned to allow for residential redevelopment.