Richmond office trades for $12.3m
A modern office/showroom investment on the Richmond side of Church Street sold for $12.3 million at auction yesterday.
The price for #577-579, at the north east corner of Amsterdam St, reflects a 4.26 per cent yield.
The three storey complex contains 900 square metres of lettable area including a double height retail space leased to Icon By Design, and upper level workplaces occupied by Mayback Property.
There is also a roof deck, 10-bay basement garage and two at grade car parks.
On 445 sqm, the Weighted Average Lease Expiry is 4.8 years.
Teska Carson’s Michael Taylor and Matthew Feld were the agents (story continues below).
The property is a block from the ex-Matt Blatt showroom which Goldfields recently won permission to replace with a 12 storey hotel.
Earlier this week, Vicland outlaid $53.5m for a collection of nearby warehouse-converted-offices covering 3153 sqm at 31-53 Cremorne St, Cremorne, with plans for a commercial complex.
That seller was Blazer founder Peter Murray.
More to come.
