This article is from the Australian Property Journal archive
AN office building leased to automotive retailer Repco at Mulgrave in Melbourne's south east has been sold to a private investor for $8.8 million.
Jonathon McCormack from Gross Waddell and Justin Clarkson from CBRE marketed and successfully sold the property on behalf of vendor Investec Bank (Australia) Limited.
They said the property’s main road location and large land component was a key deciding factor in the sale.
Located at 362 Wellington Rd, the property is at the gateway to Mulgrave Business Park and comprises a net lettable area of 3,611 sqm over two levels on a site area of 8,719 sqm.
Mulgrave Business Park is situated approximately 21kms south east of the Melbourne CBD.
The building is fully leased until 2017 to Exego Pty Ltd, the company that controls automotive brands including Repco.
“The long term lease to Exego with fixed review structures coupled with the potential for solid rental growth in the future provides this property with strong fundamental attributes. Mulgrave itself is a vibrant commercial precinct which boasts number of blue chip corporate occupiers including Coles Group, BMW, Nestle and Mercedes Benz,” they said.
Property Review