This article is from the Australian Property Journal archive
A PRIVATE investor has snapped up a three-level office building at Cremorne in Melbourne’s city fringe for $5.04 million on a yield of 6.25%.
Dawkins Occhiuto handled the off market sale of 110 Cubitt St Cremorne on behalf of a private investor.
The triple storey building comprises 666 sqm of space and 16 car parking spaces. It is currently occupied by Icon Construction.
Dawkins Occhiuto’ Andrew Dawkins said the sale price represents a strong building rate of $7570 per sqm and is further proof of the popularity of the Cremorne precinct. The agency is in the midst of further transactions in the precinct.
“Cremorne is highly popular with both investors and occupiers due to the unique work environment it provides coupled with its ease of access to the CBD and major road networks.
“The area has provided consistent growth for capital values. Tenant demand is strong and vacancy almost non existent, driving rents to record levels,” Dawkins said.
Australian Property Journal
