Telstra has sold two Melbourne development sites.
In the south east, the group is banking $2.2 million – more than twice expectation – for a prime plot within the Springvale Activity Centre.
The 705 square metre block, 18-26 Warwick Avenue, Springvale (pictured, top), contains an exchange the vendor will lease back.
A new building can be constructed around it.
“The requirements to retain the Telstra asset on site made it a little more challenging to sell however our team was able to engage with a number of qualified groups particularly those that already own in the precinct to achieve a strong result,” Stonebridge’s Julian White, who marketed the property with Max Warren and Chao Zhang said (story continues below).
Charter Keck Cramer was the transaction manager.
Meanwhile in the city’s west Point Cook, Telstra has sold a 1459 sqm site for $751,000 following a GrayJohnson deal.
Similar to Springvale, this parcel, 330 Point Cook Road, contains an exchange the vendor will rent off the incoming owner.