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Forza Capital Pays $14 Million for Cheltenham Office, Melbourne

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Written by Marc Pallisco   
Thursday, 03 March 2011 00:55

ONE of Melbourne's bigger mid-suburban office sales this year has quietly taken place in Cheltenham.

Property investment group Forza Capital has paid private developer Glenuc $14 million for 294 Bay Road, which includes a new 4,772 office building, and 4900 square metre adjoining development site.

The office is leased to service provider iSelect and will initially accommodate 320 of its employees. iSelect has an option to occupy a 10,000 square metre office earmarked for the vacant block.

The land is within a 100 hectare parcel within the Bayside Business District which was rezoned nearly three years ago to allow for employment development. It's near the Southland Shopping Centre (pictured)

Nichols Crowder managing director Matt Nichols sold the site for Glenuc, which paid Leighton Properties $20 million last year for the office, and a 20,000 square metre block of land.