Lemon Baxter is pleased to highlight a significant transaction in South Melbourne, where the Australian Education Union (AEU) of Victoria has acquired a prominent office property at 17-33 Market Street for $20 million.

This acquisition reflects the ongoing demand for high-quality office assets in the city fringe market. The property, situated on a 1,146 sqm Commercial 2-zoned site, offers a net passing yield of 4.1% and a projected fully leased yield of 6.7%. With existing tenancies in place, the site presents both investment stability and future potential, including development opportunities for up to nine levels.

The AEU’s intention to occupy part of the building while retaining the remainder as an investment mirrors a strategic approach that has served them well at their current Abbotsford headquarters. This purchase underscores the resilience and appeal of the South Melbourne office market as a hub for organisations seeking flexibility and growth opportunities.

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