Vantage Property Investments has sold a Camberwell Junction office held since 1999.
The Melbourne based fund manager is banking a speculated $21m, reflecting a 5.95 per cent yield, for the renovated building at 697 Burke Road, Camberwell.
Over six floors, it contains 2971 square metres.
There are also 50 undercover car parks and an activated rooftop.
The site spreads 1115 sqm; its western boundary is the Hawthorn East suburb border.
It is also less than a hundred metres from Camberwell Junction.
“The property has been a dependable asset over the years and the strong result is no surprise given we had repositioned the building on behalf of a small group of investors to perform in the modern market despite continual economic and market challenges,” Vantage managing director, Matt Spring, said.
Earlier this week, the group with Credit Suisse Asset Management listed the St Collins Lane shopping centre – formerly Australia on Collins – with a $120m-plus guide.
Colliers’ Lachlan MacGillivray with Cushman & Wakefield’s Nick Rathgeber and Leigh Melbourne are the agents (story continues below).
697 Burke Road
The buyer is a local private investor.
“With market uncertainties resulting in some buyer hesitation through the middle part of the year, we took a strategic position on the strong investment fundamentals and the asset’s future growth story to achieve this sale outcome,” Mr Ryan said.
Mr Orchard added the result was similar to comparable sales struck prior to the recent six straight interest rate rises.
“During the sale campaign period, we were able to underpin confidence to generate strong interest with eight bids from local private, national syndicator and international buyers,” according to the executive.
Elsewhere in the Camberwell Junction, we reported last month that Country Road would relocate its long-time home from Riversdale Rd. Earlier this year, ex-Carlton Football Club president Mark Lo Giudice acquired a small asset in the suburb, for $845,000.
Subscribe to our newsletter at the bottom of this page.