Cheltenham Development Site Sells
The properties, which formed the Arnos Australia industrial portfolio, include a large 4011 square metre site which sold for $6.8 million, and a smaller 941 square metre property which sold for $1.45 million.
CBRE associate director of metropolitan developments Justin Clarkson sold the property with Nichols Crowder director Matt Walsh. Both agents declined to comment on buyer when contacted by Capital Gain. Mr Walsh said existing industrial buildings on the site will be demolished to make way for new offices, possibly as a strata development.
Meanwhile in Notting Hill, a Perth-based private investor has paid $3.05 million, on a low 7 per cent yield, for a near new office building in the Monash Corporate Centre leased to thermoplastic pipe system manufacturer Vinidex.
Mr Clarkson, who sold the building, said local private investors are increasingly competing against interstate investors for ‘no brainer’ commercial assets such as the Notting Hill office.
