Office with penthouse apartment fetches $8m

The Bay Road building contains a 229 square metre apartment.
Developed in 2014, the Bay Road property was offered vacant.

An interstate investor has swooped on a contemporary office with a penthouse caretaker’s residence, in Melbourne.

The vacant four storey building on 2462 square metres at 284 Bay Road, Cheltenham, collected $8.15 million.

It will now be let out to healthcare based groups.

Savills’ Tim Grant, Harrison Casey and Benson Zhou were the agents.

Home office

Wedged between a National Storage facility and an Aldi, 284 Bay Rd contains 1906 sqm, including the spacious (229 sqm) apartment with a balcony offering city skyline views.

The commercial area is A-grade, with perimeter offices and amenities on each floor (story continues below).

The Bay Road asset contains high end offices and a gym.

The building includes a gym, serve room, loading dock and tech area too.

MaxCap and Troon recently bought seven Cheltenham properties (outlined).

There are also 52 car parks, some undercover.

Cheltenham is about 18 kilometres south of Melbourne’s CBD.

In May, Barings, formerly known here as Altis Property Partners, sold seven neighbouring industrial assets in the suburb including nearby 270 Bay Rd to MaxCap and Troon Group.

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Marc Pallisco

A former property analyst and print journalist, Marc is the publisher of realestatesource.com.au.