This article is from the Australian Property Journal archive
AN office building at Thomastown in Melbourne's north, leased to French multinational company Saint Gobain, has been snapped up by a private investor for $2.1 million.
The complex at 15 Edgars Rd is the first sale in the 11-lot realisation of the former Comalco Research & Technical Centre complex associated the Rio Tinto Alcan group.
The former Comalco property was acquired and subdivided by the vendor ERPG Pty Ltd associated with well known builder Steve Pipakis of Globaltec Developments.
Agents Gray Johnson’s Matt Hoath said the standalone two level office building comprises 1,350 sqm on a land area of 2,564 sqm inclusive of 50 on grade onsite car parks.
The building is leased to major French international public company industrial and construction products group Saint Gobain under a five year lease which commenced in February 2011 at a current net annual rental of $242, 662 net plus outgoings. The lease is supported by a six months bank guarantee.
Hoath said the property has quickly sold following an expressions of interest campaign.
“We have also received by the close of the EOI process on 4 December multiple offers on the balance of the holding including strong offers for the undeveloped lots with areas ranging from 1,365 to 4,900 sqm.
“All six lots are zoned Industrial 1 with three having a direct frontage to Edgars Rd and are within a prime commercial precinct with easy access to Mahoneys Rd and the Metropolitan Ring Rd. Price expectations are from $340,000 upwards,” he concluded.
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