An East Melbourne office built for the former occupier and owner, the Victorian Football League (now the Australian Football League), has sold for $9.65 million.
The five-level, 2759 square metre office, 120 Jolimont Road, was auctioned before a crowd of 60, trading to a private investor.
Based on the potential annual rent ($727,000) the market yield is 7.5 per cent; about a quarter is vacant.
Savills’ Clinton Baxter and Nick Peden marketed the asset for executors.
On 1048 sqm, it was promoted for its development upside (story continues below).
The building could also be extended.
“The property attracted strong interest due to its exceptional location, large land area and abundant future potential,” Mr Peden told Capital Gain.