United Property Fund Limited is selling a piece of the 21.4 hectare Eastridge village, in Melbourne’s east.
The property – a 12 year old office, 1 East Ridge Drive – could sell for c$20 million, which would reflect a sub 6.3 per cent net yield.
The developer of the estate, George Kepper’s KFT, occupies part of the three level, 4429 square metre building.
Liberal Party Casey member Tony Smith – who in 2015 replaced Bronwyn Bishop as the House of Representatives Speaker – is also based there, as is the Aboriginal Childcare Cooperative Agency, La Trobe Community Health Service and accounting firm The Field Group.
Retail tenants include Platinum Restaurant, The Precint Bar, Zero95 Woodfire Pizza and The Bosses Boots Café.
There are also 220 car parks.
The Weighted Average Lease Expiry is 2.1 years.
The Commercial 1 zoned site spreads 1.42ha, inclusive of a common area lake.
Dawkins Occhiuto’s Tim Grant and Walter Occhiuto are the agents (story continues below).
Site sell down
The 1 East Ridge Dve listing comes four years since Mr Kepper tried to sell it – and the entire 21.4ha Eastridge site – for c$110m.
At the time, a Dan Murphy’s store, on a 5197 sqm corner, had just started construction; that asset traded as a completed investment for a speculated $12.5m last year.
Another c3.9ha portion – once mooted for a Masters store – sold to Kaufland in 2018; this component onsold last year and is now the subject of a planning application with 10 shops and three fast food restaurants to be occupied by KFC, McDonald’s and Taco Bell.
Two low-rise offices occupy other parts of the Eastridge block.
About 9.55ha is zoned for low and medium density residential.
One East Ridge Dve is opposite shopping centre Chirnside Park, which GPT has owned since 2007.
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