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