In a landmark transaction for the Melbourne Metro commercial property market, a private High Net Wealth family has successfully acquired 1 Dean Street, Moonee Ponds.
This acquisition marks a significant milestone, setting a precedent that has generated substantial interest among investors and ignited a wave of new investment mandates.
The sale, managed through a highly competitive off-market Invite Only Expressions of Interest process, saw several groups vying for this exceptional property. Ultimately, the High Net Wealth family's decisive and unconditional purchase underscored their confidence in the asset, which attracted significant attention due to its strategic location and potential for future development.
Marketed by Cushman & Wakefield’s Daniel Wolman, Oliver Hay, Leon Ma, and Negotiated by Gross Waddell ICR’s Raff De Luise, the sale was particularly appealing to the buyers because of the property's long-term lease to a prestigious government tenant and the potential for future residential development, with the adjoining land currently serving as car parking facilities. Moonee Ponds is increasingly recognised as an emerging suburb of choice for young families and individuals who seek proximity to the city without significant financial strain.
Daniel Wolman, Cushman & Wakefield’s International Director & Co-Head Investment Sales, VIC said: "1 Dean Street stands out as one of the few large commercial assets in Melbourne’s Northern precinct, offering sustained cash flow and strong future value-add potential. The considerable interest from numerous groups highlights the robust investor appetite for similar assets, indicating a positive trend for future capital deployment in Melbourne”, he said.
Raff DeLuise, Gross Waddell ICR Director and Partner said, “The buyer's unconditional purchase without a due diligence period reinforces the strong demand and promising outlook for the Melbourne commercial property market. This strategic acquisition not only represents a steady income stream but also provides ample time for planning future value-add opportunities. The continuing favourable exchange rates and confidence in land rich assets on the fringes of major cities are driving the deployment of Asian capital into Australia”, he said.
The collaboration between Cushman & Wakefield and Gross Waddell ICR highlights the joint efforts that led to the successful completion of this significant transaction.
