This article is from the Australian Property Journal archive
A PRIVATE investor has snapped up an office building in the Tally Ho business park in Melbourne's eastern suburbs for $6.8 million on a yield of 6.86%.
MP Burke Commercial directors Pat Burke and Michael Pound have sold 6 Lakeside Drive alongside Colliers International’s Peter Bremner, who introduced the buyer – a private Malaysian investor.
The two-level 1,526 sqm office building is situated on a 3,367 sqm site fronting both Lakeside Drive and Burwood Highway and offered with 51 car parks. It is 100% leased to the Melbourne East General Practise Network Ltd, on a current passing net income of $466,797 p.a.
Bremner said it was the seventh of 15 office buildings to have sold within the business park in the last two years.
“These sales have totalled $63 million with yields ranging from 6.85% to 9%, dependent on lease profile,” Bremner said. “The majority of buyers have been local private investors and Colliers International has negotiated three of these recent sales,”
Burke said 6 Lakeside Drive was an ideal investment opportunity for an astute investor, particularly given the attractive long term lease to a market leading company within one of Australia’s fastest growing industries, health.
Pound said Burwood East was a location of choice for companies leading the way in telecommunications, multimedia, health and information technology.
Additional recent sales within Tally Ho Business Park have included:
• 378 Burwood Highway: Sold for $7.9 million in August 2014
• 5 Lakeside Drive: Sold for $13,025,000 in October 2013
• 20 Lakeside Drive: Sold for $7.14 million in May 2014
• 10 Wesley Court: Sold for $13,025,000 in October 2013
• 9 Lakeside Drive: Sold for $3.3 million in January 2015
• 12 Lakeside Drive: Sold for $16 million in April 2013
Australian Property Journal
