Buildcorp Commercial managing director Scott McVilley and its development boss, Ross Clarke, have sold a contemporary suburban Melbourne office for $11 million.
The sale of 19 Shierlaw Avenue, Canterbury, came six months after it was listed by CBRE’s Scott Orchard, Josh Rutman and Lewis Tong.
The building carried a guide price of about $9 million prior to an auction last December, where it passed in.
According to this item in The Sydney Morning Herald today, 19 Shierlaw Avenue is trading to a mainland Chinese investor.
Developed by Buildcorp Commercial in 2004, the three-level office contains 1861 square metres of lettable area.
It sits on an 800 sqm site zoned Commercial 1 opposite the Maling Road retail strip and walking distance to the Canterbury train station.
Based on the asset’s advertised potential rental return of $601,626, the office is trading on a market yield circling 5.4 per cent.
Buildcorp Commercial has developed several offices along Shierlaw Avenue including the group’s headquarters, which is adjacent to #19.