Suites in the Drive office park, which has been under construction for most of the year and is due for completion in January, sold to a mix of owner occupiers and investors, at an average yield of 7 per cent. Drive is near the much bigger Axxess Corporate Park and Monash Business Park –both on Ferntree Gully Road – and the new synchrotron facility, which opened earlier this year.
Crabtree’s director Gavin Dumas marketed the property with Jones Lang LaSalle’s Richard Height and Colliers International’s Tim Grant.
Last month, the Pellicano Group confirmed it would speculatively build five office warehouse buildings totalling 7000 square metres, and a separate office building of 3900 square metres at a site it owns in Moorabbin.
In August this year, Pellicano Group founders Frank, Nunzio and Assunta Pellicano announced they would resign their positions to become non-executive directors of the development and fund management company leaving their sons to formally take over the family empire.
The business, which turns over more than $250 million a year in commercial property sales and management fees, is one of Melbourne’s biggest private developers.