The family of late Brimbank real estate agent John Kontek has sold his long-time company headquarters, in central Sunshine.
Kontek House at 233-241 Hampshire Road, on the south west corner of Devonshire, has collected $6 million.
Zoned Mixed Use and Activity Centre 1, the 609 square metre parcel was marketed for its development upside; buildings up to 10 floors could be considered.
With 775 square metres over two levels, including four ground floor retail tenancies, the asset presently generates an annual income of $120,000.
Based on its fully let return – $250,000 – the sale price reflects a 4.2 per cent market yield (story continues below).
Mr Kontek died last September, aged 93.
Since immigrating from the Ukraine, his agency, John Kontek Real Estate, established 22 branches.
Douglas Kay Estate Agent’s Douglas Kay and Nick Christopoulos represented the family, which held 233-241 Hampshire Road for 63 years.
More to come.