This article is from the Australian Property Journal archive
AN owner-occupier in the engineering sector has acquired a Mount Waverley office and industrial facility for their business for $2.88 million.
The 1/21 Lionel Road property in Melbourne’s south-east comprises a 1,660sqm building with 860sqm of office space and an 800sqm warehouse, and 36 car spaces.
Daniel Kelly of Savills negotiated the sale on behalf of a Melbourne-based private investor.
It was sold with a shot-term lease to electrical goods company Glen Dimpex Australia.
The property transacted at building ate of $1,734 per sqm, which Kelly said reflected the substantial office component.
He said the building’s near 50/50 split of office and warehouse space and modern build was unique in the precinct.
“It also offered the purchaser some relatively short-term income and the ability to simultaneously partially occupy the premises,” Kelly said.
He added that quick access to the Monash Freeway via either Blackburn or Ferntree Gully roads was also an important factor.
Australian Property Journal
