Aspen Groups Buys Mulgrave Business Park

THE West Australian-based Aspen Group is believed to be the mystery buyer of a business park in Mulgrave, in a deal worth about $18 million.

Sources said the company was in final talks to buy the former Herman Technology Park at 677 Springvale Road, between Wellington Road and the Monash Freeway.

Colliers International is selling the property on behalf of unlisted syndicate Mirvac Industrial Fund. Selling agents Peter Bremner and Tony Iuliano declined to comment, as did representatives from Mirvac and the Aspen Group.

The 12,537-square-metre building on 2.25 hectares of land, is 70 per cent leased to Optus and HRL, an unlisted company working in the coal, energy and power sectors. On a fully let basis, the property could return about $1.65 million a year, which would reflect a yield of about 9 per cent.

Aspen Group's property assets in Melbourne include an office building at 564 St Kilda Road, and an office-warehouse facility at 215 Browns Road in Noble Park.

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