CFA headquarters adds sizzle to suburban office market
Victoria’s Country Fire Authority headquarters is on the market, in one of 2017’s largest suburban office offerings.
The three-level office building in Burwood East has been home to the CFA since 1990 and is expected to fetch a significant sum from investors, as it currently attracts almost $1.7 million in annual leasing payments.
A small section of the building is also occupied by Telstra, with the telco using it as a base from which to service the rest of the surrounding Tally Ho Business Park.
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The property, which is being marketed by Colliers International’s Peter Bremner, Rob Joyes and Rachael Clohesy in conjunction with Dawkins Occhiuto’s Andrew Dawkins, Walter Occhiuto and Chris Jones, has 4552sqm of lettable space and 121 onsite car spaces, with the CFA and Telstra’s leases having weighted average lease expiries of 2.5 years.
Dawkins says that while the CFA’s lease is close to ending, it’s highly likely that it will take up its options to extend.
The building is home to both the CFA and Telstra.
“The CFA has maintained its lease since the building’s construction in 1990 and currently occupies three buildings within Tally Ho Business Park, demonstrating its commitment to the area,” he says.
“Significant investment has been made by the tenant in upgrading its IT, Uninterruptible Power Supply, telecommunications and back-up generators, adding another layer to the CFA’s loyalty.”
The Tally Ho Business Park is a major government services hub in Melbourne’s eastern suburbs, with more than a quarter of the 80,000sqm of offices occupied by authorities including VicRoads, the Emergency Services Telecommunications Authority and Ambulance Victoria.
Motorola, Hewlett Packard, World Vision, National Archives, Pronto Software, IAG Insurance, ANZ Bank and Yokogawa also have offices in the precinct.
Joyes says with CBD rents continuing to rise, tenants are increasingly looking for affordable offices within a wider radius.
“With the city fringe vacancy rate at an all-time low of 3.47 % and rents continuing to rise, the outer east is becoming more and more attractive to tenants looking for quality space for a fraction of the price,” he says.
