Michael Yates to Sell South Yarra Office
SOUTH Yarra based developer Michael Yates is selling a near new office building, in what is fast becoming the centre of South Yarra.
The three-level, 2246 square metre office at 15 – 19 Claremont Street is leased to international publishing house Macmillian Publishing, which pays a current annual rent of $886,929.
The office is expected to fetch about $11 million, which would reflect a yield of about 8 per cent.
Savills agents Clinton Baxter and Nick Peden are marketing the office with Chris Lang, from Property Edge.
The office was one of the first buildings to be developed in the former South Yarra industrial pocket known as Forrest Hill.
Since 2006 developers have been building hotels, shops, offices and apartments within the small streets west of the South Yarra train station, to Chapel Street.
As reported in Sunday Domain last weekend, Michael Yates recently sold a block of flats in Acland Street, South Yarra, to architect Gabor Hubay, for about $7 million.
