This article is from the Australian Property Journal archive
A TWO-storey commercial building in Oakleigh, leased to H&R Block, has sold at auction for $2.85 million, $850,000 above the reserve.
A private investor won out from the field of five bidders, with the sale price of 11 Atherton Road reflecting a 2.6% yield and a land rate of almost $9,000 per sqm.
Zoned Commercial 1, the two-level building is on a 319 sqm site and has a ground floor reception area, partitioned office spaces over two levels and storage area.
Knight Frank’s Paul Pellegrino, Tim Grant and Lewian Gallus sold the property.
It has a five-year lease to the long-standing national tenant, which has occupied the building since 1998. Current return is $76,576 per annum net, with fixed annual rental increases of 5%.
Australian Property Journal
