Healthcare executive sells government archives office

The Burwood East office is selling on a 7.5 per cent yield.

Regis Healthcare founder Bryan Dorman has sold a sprawling office at the Tally Ho business park, in Melbourne’s east.

Bryan Dorman bought a major Richmond showroom last year.

Leased to the federal government for the National Archives of Australia, the two level asset, 31 Vision Drive, Burwood East, is collecting nearly $32 million from a Sydney based syndicator.

Mr Dorman paid Sergey Mudrachenko’s Ortello Investments Pty Ltd $24.25m nine years ago.

GPT also once owned the property – selling for $10.5m in 2008.

Long time tenant

Developed in 1994 for the National Archives of Australia, 31 Vision Dve covers 1.2 hectares, with 6400 square metres (story continues below).

The government just committed to a lease before the asset was listed in May – for five years with a four year option.

Based on the annual net rent, the sale price reflects a c7.5 per cent yield.

CBRE’s Scott Orchard and Will Heffernan with Gorman Commercial’s Peter Bremner and Jonathan McCormack were the agents.

The deal comes 18 months since Mr Dorman paid $45.5m for a Richmond showroom abutting another held seven years to create a 5238 sqm long term development site.

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Marc Pallisco

A former property analyst and print journalist, Marc is the publisher of realestatesource.com.au.