This article is from the Australian Property Journal archive
A BUSINESS complex in the Macedon Ranges boasting a roster of ASX-listed and government tenants has been put to the market for the first time, with expectations in the low $20 millions.
The three-level Nexus Business Centre in Gisborne has 7,552 sqm of office, retail and secure car parking and is anchored by leases to Suncorp, housing its AAMI call centre, the Country Fire Authority, Victorian state government, Bendigo Bank, Carpet Call and other long-standing.
There are also two street-front satellite buildings on the one title over 8,000 sqm of land, located opposite the Gisborne Village Shopping Centre.
The complex offers fully leased net income potential of $1,910,000 per year.
Gisborne is the Macedon Ranges’ major township, about 55 kilometres north west of the Melbourne CBD, and the Nexus Business Centre is the region’s premium office accommodation centre.
CBRE’s Scott Orchard and Tom Ryan have been appointed to sell the property on behalf of the private family that developed the complex in 2008.
“Opportunities to secure such a significant piece of a popular and high growth township are rarely available. The timing of the sale is also opportune given the recent signing of a new five-year lease term with Suncorp and the renewal of the CFA lease, which will provide the incoming owner with a very attractive passing yield.”
Buyers are also likely to be attracted to the asset due to the replacement cost context, given the extent of the improvements and land component in an environment of rapidly rising construction costs.
Ryan said the limited availability of competing accommodation options in the region would continue to hold the asset in strong stead, as would the complex’s value add potential.
Expressions of Interest close 31st May.
