Chirnside Park office building set to smash record with $19m sale expected

1 East Ridge Drive, Chirnside Park - for herald sun real estate

1 East Ridge Drive, Chirnside Park, comes with its own lake.

A Chirnside Park office building with its own lake, restaurants and landscaped gardens is poised to top the suburb’s property sale price record.

Listed with $19m hopes, the three-storey complex at 1 East Ridge Drive is currently configured for 27 tenants, all but four of them offices.

It is being sold by Melbourne-based boutique investment group United Property Fund who are understood to have bought it for about $17m-$18m in 2018.

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Commercial property sales firm Dawkins Occhiuto director Walter Occhiuto said while many might not think of Chirnside Park as an office hotspot, the building was currently 97 per cent leased and rarely had any vacancies.

“It is without competition,” Mr Occhiuto said.

“And it was built by an owner occupier originally, so it was built to a very high specification.

“Plus the lake integrates with the ground floor retail and gives a heap of outdoor settings that provide a really good outlook.”

1 East Ridge Drive, Chirnside Park - for herald sun real estate

Outdoor spaces make full use of the site’s lake.

1 East Ridge Drive, Chirnside Park - for herald sun real estate

Some of the upper level offices also come with outdoor spaces.

The $19m asking price covers a 2009-built complex that spans 4429sq m over three levels, with 1028sq m of retail on the ground level.

In addition to the property, the massive price would entitle the buyer to a $1.255m (6 per cent) a year return, with tenants including the federal government, health services and investment groups.

Mr Occhiuto said he was expecting high demand for the 1.4ha property, particularly given an expansive carpark and only 35 per cent of the site having been developed to date provided scope for future expansion.

1 East Ridge Drive, Chirnside Park - for herald sun real estate

The nearby precinct has had significant development in recent years, but 1 East Ridge Drive remains unmatched as an office space provider.

1 East Ridge Drive, Chirnside Park - for herald sun real estate

Interiors are well appointed and receive copious natural light.

A private buyer, syndicate or a smaller fund would be the most likely buyers, he said.

Aside from the 1 East Ridge Drive property, CoreLogic records show Chirnside Park’s biggest prior sale was the $14,312,100 deal signed for an office-warehouse at 8 Fletcher Rd in July last year.

The suburb’s largest residential deal to date was the $4.7m for a sprawling home and hobby farm at 14-16 Woorarra Court in 2014.

Expressions of interest for the 1 East Ridge Drive property close at 3pm, August 5.

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