Mount Waverley office park sells off-market for $7 million

A low-rise office park with nine small strata suites, in Melbourne’s Mount Waverley, has sold for $7 million following an off-market campaign.

The sale price of 417 Ferntree Gully Road (pictured, top) reflects a 3.2 per cent passing yield (the complex is currently 60 per cent occupied, predominantly on short term leases).

It also values every square metre of the building at $4022, according to the marketing agency, Knight Frank.

The office park sits on a 5400 sqm block zoned Special Use 6 near the north-west corner of Blackburn Road.

Brokers Tom RyanStuart Gill and Tim Grant said they have a number of qualified purchasers looking to buy investments throughout metropolitan Melbourne.

The buyer of 417 Ferntree Gully Road, a private investor, plans to refurbish the gardens and suites before offering them for lease again.

Marc Pallisco

A freelance property writer and analyst, Marc is a co-founder of realestatesource.com.au.

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