Based on those figures, the suburban office sold on a yield of 8.1 per cent, and a sale rate of $3,407 per square metre of office space.
Even after the MFB occupies the building, it will derive a small rental income from Telstra communication tower on the property.
Colliers International’s Tim Grant who sold the Glen Iris property with Rob Joyes it attracted interest from a swag of owner occupiers. He added few quality suburban office buildings have been available for sale, recently.
He said the existing office fit-out includes open plan areas, meeting rooms, a break-out area, large boardroom and substantial kitchen. The MFB was represented by property advocate group Property Dynamics.