This article is from the Australian Property Journal archive
AN IT and educational training group has paid $4.25 million for the former head office of the Australian Retailers Association.
ARA has sold its freehold building at 104-6 Franklin Street in a private transaction negotiated by Kliger Wood Real Estate. The purchaser was represented by Fitzroys.
The property comprises a three level freehold building with a site footprint of 677 sqm. The buyer plans to occupy the two upper floors of the building that are currently vacant.
Kliger Wood agent Grant McKenzie said the ground floor is leased to a specialist bookseller Koorong Books at a current gross annual rental of $120,000 plus GST. The lease which commenced in June 2008 has further options.
The two upper floors of the building, each 540sqm, are currently fitted out but are vacant having previously been occupied by the Association as its head office before a recent relocation to Exhibition Street.
McKenzie said the building was one of the few smaller CBD freeholds available for sale.
Australian Property Journal
