Becton to Sell Abbotsford Office Park For $31 Million

Sources say a local private investor will pay about $31 million for the 9,500 square metre business park, which includes three low-rise office buildings.

The 1.77 hectare property at 675 – 679 Victoria Street, on the banks of the Yarra River, has major redevelopment potential.

Jones Lang LaSalle director Robert Anderson would not comment on any part of a deal when contacted by BusinessDay, but said the property has attracted keen investor interest, despite this year’s stormy economic backdrop.

He said the Abbotsford property ticks all the boxes investors are looking for at the moment including capital gain potential, redevelopment potential, and a strong rental income, currently around $2.73 million per annum. Mr Anderson is marketing the property with Steve Messina and CB Richard Ellis’ Paul O’Connell.

Becton failed to return calls at the time Capital Gain went to press.

Earlier this month, it was reported a St Kilda Road office building held by the Becton Office Fund sold to a private investor for $29.75 million. Becton also sold the former Tudor Court Reception Centre in North Caulfield for an undisclosed amount, speculated to be less than the $12.5 million Becton paid last year. This site had been earmarked for a new retirement community.

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Marc Pallisco

A former property analyst and print journalist, Marc is the publisher of realestatesource.com.au.

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