Salvation Army HQ sold
The Salvation Army’s national headquarters, in Melbourne, has been sold by Accord Property.
Perth based asset manager Ascot Capital is the buyer of 91-99 Railway Road, Blackburn – for $54.35 million – a 6.5 per cent net passing yield.
Completed for the group in 2007 around a historic red brick building, the four level, 7878 square metre office was recently refurbished – costing $5m.
The current lease cycle commenced three years ago and ends in 2034.
With a 5-5 star NABERS Energy rating, there are also 204 basement car parks accessed via a laneway.
The site spreads 2662 sqm zoned Commercial 1, opposite Pace Development Group’s muti-tower Pace of Blackburn project, about 400 metres from Blackburn train station.
JLL’s Tim Carr, Josh Rutman, Piper Dedrick and MingXuan Li were the agents.
The deal comes a fortnight since we reported another not for profit, MS Group, listed its Blackburn headquarters, at 48-58 Railway Rd, via Stonebridge (continues below).
Permit-ready for extension
The Salvation Army pre-committed to 91-99 Railway Rd, selling a Mont Albert headquarters, since flipped twice, the latest, coincidentally, last month.
The property is land tax exempt. The current net rental is $3.51m.
It was offered permit-ready for a two level extension.
Blackburn is about 16 kilometres from town.
It is about three kilometres east of Box Hill – a major activity centre in recent years (replacing Dandenong to be) considered Melbourne’s ‘second city’ given a wave of residential and commercial development.
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