Occupier sells Eltham offices with leaseback
An unusual Eltham office – with two modernised standalone buildings – has sold to a local investor for just over $3 million.
The deal for 714-716 Main Road reflects a 5.8 per cent net passing yield.
The occupier of four decades offered it with a leaseback.
The initial term is 10 years.
After that, the 1577 square metre block at the north east corner of Napolean Street, holds significant development upside.
Aston Commercial’s Sebastian Origlia and Joshua Colosimo were the agents.
Eltham is about 20 kilometres north east of Melbourne’s CBD (continues below).
714-716 Main Street
With a total 535 square metres, the Eltham investment at the north east corner of Napoleon St, also contains 16 car parks.
Seventy two enquiries and several offers came in, according to Mr Origlia – a mix of investors and longer-term occupiers.
“These buyers were drawn to the physical and financial upside the property has to offer,” he said.
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