The office level, which measures 1379 square metres, is fully leased to Bayside Health for eight years, and returns $273,722 per annum – reflecting a passing yield of 7.65 per cent. The sale also includes 17 car spaces.
MAB subdivided the balance of the Moorabbin building into smaller strata units, the majority of which have been sold.
“The property not only provides the investor with an excellent initial yield based on a long term lease to a Government tenant, but in the event that the tenant vacates at the end of the lease there is the option to subdivide the floor into smaller units and sell them down” said CBRE associate director of metropolitan investments Justin Clarkson. “This has occurred on both the ground and first levels.”