Troon Group and joint venture partner MaxCap have sold two Victorian commercial investments.
In the priciest deal, an office in Melbourne’s leafy east Mont Albert (pictured, top) is trading for a speculated price of more than $28 million – which would reflect a sub six per cent yield.
Between 1994-2008, the three level, 3720 square metre building at 3-7 Hamilton Street was owner-occupied by The Salvation Army.
Troon and MaxCap purchased it two years ago then undertook a major refurbishment.
The property also contains a three level basement car park with 114 bays.
Laing O’Rourke and Telstra are the occupiers, the Weighted Average Lease Expiry is 3.5 years.
Opposite the Mont Albert train station, the parcel spreads 1573 sqm.
The pocket shares its postcode with Surrey Hills.
Ballarat Lifestyle Centre
Meanwhile the Ballarat Lifestyle Centre – at Delacombe – has traded to a Melbourne investor for $12.39m reflecting a 5.98pc return (story continues below).
The new large format retail investment occupies a 1.17ha block at 29 Cherry Flat Road, on the south east corner of Glenelg Highway.
Coincidentally, The Salvation Army is one of the occupiers; Autobahn, Beds R Us and Driza-bone also rent there. There are 175 car parks.
Colliers’ Mike Crittenden said the 3765 sqm complex attracted local and offshore-based suitors.
The Victorian government’s recently introduced stamp duty concessions, which came into effect on January 1, are improving demand for regional stock, he added.
About 115 kilometres west of the city, Ballarat is Australia’s fastest growing inland city, according to the agent.
Ballarat Lifestyle Centre and 3-7 Hamilton Rd will offer depreciation benefits on recent construction costs, for tax purposes.
Last month, Troon and MaxCap paid $13m for Kaufland’s proposed Chirnside Park store.
They also sold Eildon Capital a $17m Narre Warren car yard leased to Jowett Motor Group, which trades BMWs there.