Brendan Sullivan is on track to pocketing a profit selling down a Vermont business park he acquired in late 2019.
The local developer and investor has banked $4.15 million from two of the five office/warehouses, at 187-201 Rooks Road.
The entire holding cost $5.85m.
“I had purchased the complex fully intending to hold for the long term but after putting some units up for lease I was swamped with ‘do you want to sell?’ offers, from investors and owner-occupiers, at almost twice what I had paid,” he said.
“The demand for industrial property in established areas is absolutely huge and appears likely to maintain its new favoured status at least in the short to medium term,” Mr Sullivan added (story continues below).
CVA’s Daniel Philip and Stan Dawidowski sold the two stratas – measuring 735 and 786 sqm.
Last year, Mr Sullivan sold the Royal Australian and New Zealand College of Obstetricians and Gynaecologists a South Melbourne office for $19.6m – or $1.8m more than what he outlaid eight months earlier.
RANZCOG’s former East Melbourne headquarters, which sold to Pask Group early last year, was recently approved to make way for a 10-level apartment tower.
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