South Yarra office sells off-market for $13.5 million

The office at 141 Osborne Street is expected to be re-let after a renovation.

The South Yarra building until recently occupied by serviced office enterprise Osborne Business Centre has sold for $13.5 million.

At 141 Osborne Street, the five-level complex (pictured top, left and bottom) includes 1505 square metres of area, 21 car parks and sits on a 656 sqm site just south of the South Yarra train station.

The sale, confirmed by Vinci Carbone brokers Frank Vinci, Stephen Speck and Joseph Carbone, was concluded off-market for property investor Barry Janes whose serviced office business has operated there for more than 20 years.

The ground floor of the building is configured with retail space. Optus and Telstra pay to rent part of the rooftop.

It is selling with vacant possession to another private investor, Leslie Heine, who co-founded wealth management business, Networth. Mr Heine was represented by David Ryan of DBR Property Services.

According to the marketing agents, the building has the potential to earn annual rental income of $640,183. On that basis it is trading on a market yield of 4.7 per cent.

Zoned Activity Centre, the block also has great redevelopment potential – with 72 metres of frontage across three streets.

Expected to be offered for rent again after a renovation, the office is beside the former South Yarra Post Office (162 Toorak Road), which is owned by architect Bruce Henderson, and underwent a major extension and renovation a couple of years ago.

An aerial image showing the building (highlighted) in relation to the Melbourne CBD.

Marc Pallisco

A freelance property writer and experienced analyst, Marc is the co-founder of realestatesource.com.au

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