This article is from the Australian Property Journal archive
A PARTIALLY leased Collingwood office building has sold under the hammer for $2.755 million, offered for sale by vendors that had owned the property since its construction more than 30 years.
Gorman Kelly’s Samuel Torrance, Manny Galanos and Nick Breheny marketed the 71 Oxford Street property.
Improvements include a 448 sqm building divided into four tenancies, and which is set for make-over before being re-offered to the market for lease with areas ranging from 96 sqm to 230 sqm. Current income is $68,253 per annum with an estimated fully leased income of around $135,000 per annum.
It is on a 372 sqm site zoned Mixed Use and with three street frontages and 14 on-site parking spaces.
The agents said more than 50 bids were submitted from multiple parties at the auction, with interest received from investors, developers and occupiers alike.
Australian Property Journal
