Occupier secures warehouse converted office for a discount
An occupier has swooped on a warehouse converted office for $185,000 less than the vendor paid five years ago.
Absolute Immigration is paying $4.215 million for 122 Chapel Street, on 682 square metres one holding from the corner of Carlisle, St Kilda.
The seller, an investor, paid $4.4m in mid-2020.
Colliers’ Ben Baines, Eddie Foulkes and Alex Browne were the agents.
The deal reflects a 5.6 per cent yield – but it will be vacant September.
Occupier beats investors, developers
Absolute Immigration and Absolute Immigration Legal will relocate from neighbouring Prahran (story continues below).
Its St Kilda base contains 1160 sqm over two floors and six undercover car parks.
Launch Housing and Daylight Studios are the tenants both on leases expiring in six months.
With a willingness by them to renew, the property was marketed to investors; the area is B-grade.
Developers were also expected to look in with the land, zoned Mixed Use, able to accommodate five levels.
This pocket of St Kilda is about 6.5 kilometres south of Melbourne’s CBD.
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