This article is from the Australian Property Journal archive
TWO owner occupiers have bought a strata office floor at 250 Queen Street, Melbourne for $835,000.
The ninth floor has a gross area of 220 sqm and a net area of 185 sqm so the indicative value is assessed at $4,513 per sqm.
Agents Kliger Wood Grant McKenzie said strata titled office floors in some of the best locations in the Melbourne CBD continue to find a ready market with professional firms in particular preferring them as an affordable investment rather than renting and an ideal solution for long term business occupancy.
He is also marketing Level 4 in 250 Queen St by private treaty. As one of the low rise floors in the 12 levels building Level 4 has an area of 420 sqm. The refurbished floor currently has two tenants under leases.
One of the leases to a shipping agency covers a part floor area of 231 sqm which is leased at $90,492 per annum until the lease expires in May next year when it is expected to become vacant.
The second part floor is leased to Kliger Wood Real Estate under a lease which extends until 2011 with a further four year option. This lease covers an area of 137 sqm at a current annual rental of $42,210.
The complete Level 4 is offered for sale by private negotiations with a guide price range of $1.6 to $1.7 million.
“This offer presents an opportunity for an owner-occupier to purchase the entire floor and utilise area expected to be vacated themselves. There is also the surety of income from the lease over the remainder of the floor towards any funding costs.
“Moreover the vacancy is not likely to occur until mid next year, affording plenty of time for the purchaser or and intending owner occupier to plan their relocation” he concluded.
Australian Property Journal
