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Posted: 2018-04-18 00:00:00

Savills Australia sells out The Pellicano Group’s latest strata office development

The final remaining strata office in The Pellicano Group’s latest business estate has sold for $460,000 (plus GST), following a competitive 12-month campaign to sell 33 fully fitted offices.

The Hub in Moorabbin’s Parkview Estate on Warrigal Road is now at capacity, with a mix of small-scale enterprises taking up occupancy since December, including accounting and insurance firms, business coaches and a geologist.

Savills Australia’s Gareth Jackson has managed the campaign in conjunction with Knight Frank, receiving consistent enquiry and conducting a series of swift transactions based on 10 years of experience in Melbourne’s south-eastern industrial precinct.

The strata offices range in size from 51sq m to 218sq m, and have sold for between $230,000 and $990,000.

“There was substantial pent-up demand from small businesses wanting to buy into The Hub, as previously there have not been opportunities to buy into Parkview in this way,” Mr Jackson said.

“Interest in this project far exceeded our expectations – the estate was especially popular among owner-occupiers, with about 90 percent of sales going to business owners who wanted to purchase, rather than rent, their workspace.”

Mr Jackson said the key drawcard was the “first-class amenity” within the surrounding Parkview Estate, which included a super centre of retailers, such as Bunnings Warehouse, Repco, Market Europa and various popular cafes and restaurants.

There is also a Bank of Melbourne and Westpac branch, Star Fitness gym, Pelican Child Care centre and Quest Moorabbin Apartment Hotel.

“The Parkview Estate is unique in Melbourne’s south-eastern industrial precinct, and unmatched for amenity, access and quality covenants,” Mr Jackson said.

“We’ve received fantastic feedback from our purchasers, giving us confidence that there is room in the market for another business-estate development of this type and scale.”

Learn more about Savills Strata Sales services.

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