This article is from the Australian Property Journal archive
A MEDICAL centre at Boronia in Melbourne’s east, with potential for a large scale apartment development site, has sold under the hammer for $5.25 million.
The property located at 2 – 4 Langwith Avenue Boronia was sold at a Burgess Rawson auction through auctionworks. The marketing agents were Shaun Venables and Adam Thomas.
The 963 sqm centre and 37 at grade car parking spaces occupy a large 2,604 sqm mixed use site, which has potential for an apartment development (STCA).
It is currently leased three established tenants including LapSurgery Australia and Sonic Healthcare, returning $347,520 p.a.
The Boronia deal was one of a handful of transactions at yesterday`s auction, which was uncharacteristically quiet.
There were 16 properties on offer and only three sold under the hammer, whilst two investments sold prior. At least 10 properties were passed in, whilst one result was undisclosed. In contrast, the Burgess Rawson Melbourne auction last month had 22 listings and 12 sales whilst the February event saw 18 auctions and 15 sales on the day.
The other two properties to sell under the hammer yesterday were 50 Wyndham St Shepparton for $1.38 million and 24 Albert St Ararat for $735,000.
The Shepparton property is leased to the Australian Broadcasting Corporation and IPAR, currently returning $77,986 sqm. The 483 sqm building occupies a 1,102 sqm site.
The Ararat property is an industrial depot leased to the government`s Australian Rail Track Corporation, returning a net rent of $59,499 p.a. The property comprises a 500 sqm building on a 6,846 sqm site.
Australian Property Journal
