Auction house Mossgreen's headquarters in Melbourne listed
The headquarters of auction house Mossgreen in Melbourne has been listed for sale with price expectations of more than $10 million.
The 926-930 High Street property in Melbourne’s inner suburb of Armadale is in a high-profile retail strip and close to affluent suburbs.
The seven-day trading nature of the area are expected to be key drawcards for investors, according to agents Josh Rutman, Rorey James and Lewis Tong of CBRE, who are marketing the property.
The property sits across two separate titles and is positioned on a 1,221 sqm site.
Mossgreen Auctions has committed to a long-term, 12-year lease for the property with options.
“Long-term, secure leases are hard to find in the current market, with many economists taking a ‘lower for longer’ view on investment returns. The fixed annual rental increases will prove highly attractive to prospective investors looking to house their funds in bricks and mortar assets,” Rutman said.
Interestingly, the property was earlier occupied by Sotheby’s for two decades before being put up for auction in 2012.
The property is being offered through an international expressions of interest campaign closing on June 28.
Built in 1912, the former Armadale Picture Theatre has been extensively restored and renovated to become a successful exhibition and entertainment venue.
The building comprises several auction rooms, art galleries and tea-rooms, and has 20 metres of dual frontage.
Founded in 2004, Mossgreen is a combined auction house and art gallery and has become Australia’s leading auction service – overtaking Sotheby’s. Notable artists associated with Mossgreen include Charles Blackman, Brett Whiteley and Russel Drysdale.
It is understood Mossgreen have additionally taken leases over several buildings to expand its business.
