This article is from the Australian Property Journal archive
INVESTORS in charge of their own superannuation funds are on the lookout for bricks and mortar, as evidenced by the sale of a Canterbury office building for $2,900,000 through Gorman Commercial.
Gorman Commercial has sold 244 Canterbury Road Canterbury, 10km east of the Melbourne CBD at auction.
The stand alone building was leased for 9 years including 2×5-year options to Fletchers Real Estate at an annual rent of $188,581, including an annual rent review of 4% p.a.
The building comprises 805 sqm on a land area of 892 sqm which includes 20 secure on-site car parks.
Stephen Gorman said the property was sold on a yield of 6.5% which reflected the quality of the building and the lease covenant.
He added whilst this was an extremely passive long term investment there was strong interest from investors buying for their superannuation fund.
“Those buying for their superannuation fund are extremely active in the market and more aggressive when long term leases are involved,” he concluded.
Australian Property Journal
