This article is from the Australian Property Journal archive
A PRIVATE investor has picked up the former national head office of Repco in Melbourne’s south-east for $8.8 million.
The vacant two-level 3,611 sqm building at 362 Wellington Road sits is on an 8,719 sqm site with a large frontage to Wellington Road.
Knight Frank’s Tom Ryan and Tim Grant brokered the deal in conjunction with Gross Waddell following an expressions of interests campaign.
Ryan said the purchaser is will undertake significant refurbishments to the building with a view to leasing it out on completion, and is exploring the site’s potential to accommodate up to one or two larger office buildings.
The sale price reflected a building rate of $2,436 per sqm and land rate of $1,009 per sqm.
Australian Property Journal
