Growth corridor sales office fetches $3.7m for Mirvac
Mirvac has sold the two storey display suite for its Smiths Lane housing estate in Melbourne.
The leaseback deal with Oreana for 35 Oconnor Avenue, Clyde North, is worth $3.7 million – a 5.9 per cent net passing yield.
The buyer will repurpose the 632 square metre building as a childcare centre; the 2334 sqm block with 26 car parks abuts Banjo Park, walking distance to Topirum Primary School and Clyde Grammar.
Oreana will also be able to claim depreciation benefits – the improvement being two years old.
Colliers’ Luke Soccio and Tim McIntosh were the agents; known as Smiths Lane Hub and given the Urban Growth 2 land zoning, the property could also have made way for an office or retail (story continues below).
Eight other suitors contested following a private sale campaign.
This pocket of the suburb is about 55 kilometres south east of Melbourne’s CBD, in the Casey growth corridor.
Also today we are reporting Oreana is buying a major Townsville housing estate site from Stockland.
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