LPD Sells Office Component of Armadale Complex For $14.5 Million
“The high quality of the building and its prime location in the heart of Armadale’s retail/commercial precinct were key factors in securing investor interest,” said Knight Frank director Ken Smirk.
“The office market in Melbourne’s inner eastern suburbs has performed particularly well over the past year or so, with very low vacancy and strong rental growth. This has maintained a high level of investor interest in the region.”
Backed by a rental guarantee by the vendor, the building sold on an initial yield of 8.3 per cent.
