Surrey Hills office fetches $5.7 million from owner-occupier

An office with development upside in Melbourne’s Surrey Hills has sold to an owner-occupier for $5.7 million.

The double-storey building at 635 Canterbury Road occupies a 1101 sqm Commercial 1 zoned site walking distance to the Surrey Hills train station.

The property includes 33 car parks.

The Union Road shopping strip – where last year Coles opened a “small format” concept store, its first of 120 anticipated for around the country – is also in the vicinity.

With 1110 square metres of lettable area, 635 Canterbury Road includes 33 car parks.

Gross Waddell marketing agents Damien Sweeney and Andrew Waddell marketed the property to investors and developers, as well as owner occupiers.

The building’s foyer of 635 Canterbury Road, Surrey Hills.

The brokers said that more than 60 offers were received.

The sale price values the land at $5637 per square metre.

Last August, another owner-occupier, the Confederation of Australian Motor Sports (commonly known as CAMS), paid $6.72 million for a three storey 1357 sqm office on a 1639 sqm block at 275 Canterbury Road, Canterbury, a couple of kilometres closer to the city than #635.

A marketng shot showing the site relative to Surrey Hills’ commercial precinct and the Melbourne CBD, 10 kilometres away.

Marc Pallisco

A freelance property writer and analyst, Marc is a co-founder of realestatesource.com.au.

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