Peak demand for suburban offices
Suburban offices have been changing hands at pace in Melbourne, with local and international investors snapping up eastern suburbs properties.
Property syndicator Peak Equities spent $27.5 million on a five-level, 5420sqm office building at 250 Camberwell Rd in Camberwell. The purchase, on a passing yield of 7.5%, was from vendor Bricktop Group.
The office houses the headquarters of listed health and beauty company Australian Pharmaceutical Industries, with a ground floor cafe and leasehold interest from Melbourne Anglican Trust Corporation. Colliers International’s Peter Bremner, Rob Joyes and Rachael Clohesy were agents on the deal.
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In nearby Burwood East, a three-level office building housing the Country Fire Authority headquarters has changed hands for $18.08 million.
The private arm of Teo Tong Lim, group managing director of Singapore’s Tong Eng Group, bought the 4553sqm office building in the Tally Ho Business Park from Melbourne-based investor Kador Group. Agents were Bremner, Joyes and Clohesy, with Dawkins Occhiuto’s Andrew Dawkins, Walter Occhiuto and Chris Jones.
In the Melbourne CBD, the former Bank of NSW building at 375 Queen St sold to a local investor for $2.35 million.
Agents were Colliers International’s Oliver Hay, Daniel Wolman and David Sia — who are now offering 208 Elgin St Carlton with $2.5 million-plus hopes.
This article originally appeared on www.theaustralian.com.au/property.
