Melbourne, 1 December 2013-A private buyer has acquired a prominent medical complex in Box Hill from White Diagnostic Centre for $5,675,000 - $1 million above reserve.
Located at 852 Whitehorse Road, the two-level building has a net lettable area of 680sqm and features a 16-space basement car park. The property is currently leased to ASX-listed Vision Eye Centre on a five-year term with one five-year option.
CBRE’s Justin Clarkson and Jamus Campbell, who steered the sale on behalf of White Diagnostic Centre, said the property’s strong tenancy covenant and building’s corner location were key selling factors.
“This centrally positioned commercial asset attracted strong interest from a range of potential buyers, resulting in a sale price $1 million over the reserve,” Mr Campbell said.
“This property represented a highly attractive investment opportunity to secure one of Box Hill’s most prominent corners within a bustling medical and commercial precinct and abutting the Centro Box Hill Shopping Centre.”
More than 50 people attended the auction, with 15 groups battling it out to secure the property.
“This was a great result for the vendor, with the sale representing a yield of 4.8%,” Mr Clarkson said.
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About CBRE Group, Inc.
CBRE 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 and investment firm (in terms of 2012 revenue). The Company has approximately 37,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide. CBRE 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. Please visit our website atwww.cbre.com.au.