Suburban Melbourne office snapped up for wellness centre

Spiritgrow outbid 15 groups – a mix including investors and developers – for the office adjacent to Memorial Park.

Spiritgrow Josef Kryss Centre will build a mediation space and community hall on the site of a Caulfield North office it just outbid 15 groups to buy.

The 1187 square metre parcel at 80-82 Kooyong Road, adjacent to Memorial Park, was listed immediately after Melbourne’s second lockdown.

Colliers International’s Daniel Wolman, Ben Baines and Ted Dwyer, with Gary Peer & Associate’s Phil Kingston and Daniel Fisher acted for the vendor and occupier, FBI Travel, which acquired it in 2007.

Mark Wizel of Wizel Property Group – which recently opened a headquarters at nearby 92 Kooyong Rd – advised Spiritgrow.

Global investors looked in: agent

Eighty two Kooyong Rd was targeted to commercial developers, investors and owner occupiers – some which may consider constructing a circa-four level structure over an underground car park.

Sixteen formal offers came in including, surprisingly, from offshore groups which Mr Wolman said are considering typically smaller assets “purely due to the lack of availability” (story continues below).

“Having received so many offers, it was evident that pent-up demand far outweighed any potential pent up supply,” the agent added of the market.

“As we close one book of 2020 and open another, being 2021, this high level of competitive tension demonstrates the strength in the market we can continue to experience as we move forward into what will undoubtedly be a great year ahead”.

FBI, which offered the Caulfield North office with a leaseback, will relocate.

Spiritgrow is headquartered at 226 Balaclava Rd, in the suburb.

“This sudden development [the acquisition of 80-82 Kooyong Rd] has been nothing short of miraculous and unbelievable,” its leader, Rabbi Wolf, said in a letter to members.

The property is about 10 kilometres south east of Melbourne.

Share or Recommend article

Marc Pallisco

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

Marc Pallisco