This article is from the Australian Property Journal archive
Abacus Property Group has bought a 50% equity interest in Virginia Park, a commercial office and industrial estate owned by Melbourne based Gillon Group.
Virginia Park has been valued at $75 million and Abacus is forecast to earn an initial 8% per annum on its 50% equity.
The estate is located over 30 acres in East Bentleigh only 13km from the Melbourne CBD.
The estate currently has 29 tenants who together occupy approximately 56,000 sqm.
The introduction of Abacus as an equal owner of Virginia Park will allow further development activities planned for the site to commence much more quickly than the Gillon Group had previously anticipated.
Abacus’ managing director David Bastian said the investment is forecast to provide the group with income of $3 million per annum.
“Abacus looks forward to working with the Gillon Group to further increase the income which can be generated from this large underdeveloped site,” he added.
By Adam Parsons
