Fund manager sells major golden mile office
Australian Securities Limited has sold a major suburban Melbourne office/warehouse after nine years.
In Nunawading, 4/98-104 Station Street is trading to for $10.7 million – a 6.5 per cent net passing yield.
The local fund manager paid NCS Australasia $5.755m.
The new owner is a local private investor.
Cushman & Wakefield’s Chris Jones, Charlie Holmes and Leon Ma were the agents.
Securely leased
ASL secured Pearsons Education to a four year lease before listing the property, more commonly known as 4/100 Station St (story continues below).
With options, the occupier can occupy the two level, 3674 square metre building with 69 car parks until 2030.
It might also be up for paying a higher rent at a review – the existing return, $191 per sqm, considered below market.
Nunawading is 18 kilometres east of town; this office abuts a commercial precinct along Whitehorse Rd, known as the golden mile.
Elsewhere in the area, last March, Acure Asset Management sold the Brandsmart outlet at 288 Whitehorse Rd to Chris Lock’s IP Generation.
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