Burwood East: Wealthy Dorman family selling office of the National Archives of Australia
The Burwood East building home to a repository of National Archives of Australia has come to market.
Melbourne’s wealthy Dorman family are selling the Burwood East home of the National Archives of Australia (NAA) for more than $30m.
Records that date back to 1839 are kept in the archives of the repository, including those pertaining to convicts.
The building at 31 Vision Drive has been leased by the NAA for about 30 years, and they have just signed on for another five years with the option to extend.
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Dubbed a “set and forget” investment by its current owners, the Commonwealth government currently pays $2,366,861 a year in rent — with the figure to increase by 3.5 per cent annually.
The Dorman family are selling the property, currently held in the name of their Dorman Capital firm, to redirect funds back into their development pipeline and invest in new projects.
“31 Vision has been a tremendously reliable set and forget investment; however, the fresh lease renewal, given the highly suited nature of the asset, will provide a new owner attractive value and dependable returns,” managing director Nicholas Dorman said.
A photograph of Bourke Street from its eastern end in 1975 kept by the National Archives of Australia.
A photograph of a procession of trams travelling along Bourke Street in 1989 kept by the National Archives of Australia.
CBRE senior director Scott Orchard said the investment was like a government bond because the Commonwealth lease — one of the most sought-after by investors — was supported by high underlying land value.
“It’s an asset of national significance so I think it could attract a large variety of buyer interest,” Mr Orchard said.
The building is located in the Tally-Ho Business Park precinct near Box Hill, The Glen Shopping Centre and Deakin University.
Gorman Commercial director Peter Bremnar said its location would be another buyer drawcard as the precinct was also home to other government services, emergency services, data centre and major businesses like Motorola, Eastern Health and Country Fire Authority.
An expressions of interest campaign for the Burwood East closes in mid-June.
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