P R E S S R E L E A S E CB Richard Ellis Pty Ltd
ABN 57 057 373 574
Level 26, 363 George Street
Sydney NSW 2000
T 61 2 9333 3333
F 61 2 9333 3330
w ww.cbre.com . au
FOR IMMEDIATE RELEASE ⎯ 15 September 2009
For further information: Andrew Dawkins James Kaufman
Kathryn House Managing Director, South Yarra Regional Director
Communications Manager 61 3 9863 5301 Jones Lang LaSalle
61 2 9333 3585 61 419 317 006 03 9672 6691
61 402 465 440 0418 325460
Box Hill landmark listed for sale by BlackRock Investment Management
Melbourne, VIC (15 September 2009)
BlackRock Investment Management is moving to capitalise on increased demand for commercial
property investment opportunities with the sale of a prime suburban office complex at Box Hill.
BlackRock has appointed CB Richard Ellis and Jones Lang LaSalle as the joint exclusive selling agents for
the 883 Whitehorse Road complex, which is fully occupied by the Victorian Department of Human
CBRE’s Andrew Dawkins and Justin Clarkson together with JLL’s Robert Anderson and James Kaufman
will steer the Expressions of Interest campaign, closing October 8, 2009.
Mr Dawkins said the property’s prime suburban location and the strength of the government tenancy
covenant were expected to drive significant interest in the upcoming sale campaign.
“The government has been a longstanding tenant in the building, having occupied the property for more
than 10 years,” Mr Dawkins said.
“The strength of the tenancy covenant combined with the building’s high profile location will be
significant drawcards for the growing number of private investors and syndicators seeking well positioned
commercial property investment opportunities.”
The Department of Human Resources last year signed a new 10+5 year lease over the building, which
has a total net lettable area of circa 7,237 square metres.
The lease provides for an annual net rental of $1,982,264 and there is built-in rental growth from 4%
15 September 2009
JLL’s Mr James Kaufman said the building also offered good depreciation benefits, which had been
enhanced following a significant refurbishment program.
“The recent refurbishment has been designed to achieve a 4.5 star ABGR rating and will ensure that
future capital expenditure requirements are limited,” Mr Kaufman said.
The building is well serviced by public transport and also offers significant parking, with 311 on-site car
CBRE’s Justin Clarkson said the property’s prime Box Hill location was expected to be another drawcard
for prospective purchasers, with the outer eastern suburb continuing to benefit from low vacancy rates
and limited new supply.
About CB Richard Ellis
CB Richard Ellis Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los
Angeles, is the world’s largest commercial real estate services firm (in terms of 2008 revenue). The
Company has approximately 30,000 employees (excluding affiliates), and serves real estate owners,
investors and occupiers through more than 300 offices (excluding affiliates) worldwide. CB Richard Ellis
offers strategic advice and execution for property sales and leasing; corporate services; property, facilities
and project management; mortgage banking; appraisal and valuation; development services; investment
management; and research and consulting. CB Richard Ellis has been named a BusinessWeek 50 “best
in class” company three years in a row and a Fortune 100 fastest growing company two years in a row.
Please visit our Web site at www.cbre.com.