Melbourne, 18 March 2014 – A private investor has acquired a freestanding, boutique office property in Melbourne’s south-east for $4.65 million.
Located at 47a Wangara Road, Cheltenham, the two-level building comprises 1,620 square metres of net lettable area and 70 onsite car spaces. The property is securely leased to two tenants on three year and five year terms.
CBRE’s Justin Clarkson, Jamus Campbell and Josh Rutman sold the property via auction on behalf of a private vendor.
Mr Clarkson said the property garnered strong buyer interest during the four week marketing campaign.
“The campaign experienced some 60 enquiries and competitive bidding from multiple bidders, eventuating in a strong result for this well leased property,” Mr Clarkson said.
“The property sold under the hammer at a sale price which reflected a yield of 7.6%.”
The building benefits from a central location just one kilometre from the Southland Shopping Centre and close to well-regarded residential areas such as Black Rock, Beaumaris and Sandringham.
Cheltenham is situated approximately 19 kilometres south-east of Melbourne CBD.
For Australian/international news or global stories, follow us on Twitter.
About CBRE Group, Inc.
