Austfin Pays $10 Million For Office Component of Richmond Development

THE Austfin Growth Property Syndicate No 1 is reported to have paid $10 million for the small office component of a mixed use development in Melbourne’s inner-eastern suburb of Richmond.

Austin has picked up level 1 and 2 of the 159 – 161 Cremorne Street building, which also includes ground floor retail space and a high rise apartment complex, above, branded ERA.

The 2,444 square metre office component is leased to New York-headquartered John Wiley & Sons, which pay a current annual rent of $846,241 per annum. Based on the selling price, the building is reported to have sold on a yield of 8.46 per cent.

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