This article is from the Australian Property Journal archive
NATIONAL restoration company, Bay Building Group, has bought a two-storey office and warehouse space located at 25 Trent Street Glen Iris for $5.8 million.
Businessman, Michael Malherbe, purchased the property which totals 3,135 sqm, in order to place the company’s Melbourne operations strategically for growth.
The sale of 25 Trent Street was negotiated by Dominic Gibson of Jones Lang LaSalle with Bay Building Group purchasing the property via buyers advocate, Meckiff & Associates.
“The sale achieved a rate of $1,887 per sqm and although the site has plans and permits approved for 30 dwellings, Bay Building Group does not currently plan to exercise this permit and instead will renovate the current development into office spaces for owner occupation,” Gibson said.
“With the new site’s existing permit we believe that we have not only secured fantastic property to get us through the next 5 to 10 years, but it also gives us a great investment with plenty of capital growth and opportunities for development,” Malherbe said. “We look forward to completely gutting and renovating the existing space into the most efficient and modern offices possible,”
Australian Property Journal
